The transaction was split into two parts – a primary round which resulted in a share subscription by the said investors and a secondary share sale by some early institutional investors, it added.
The development comes less than a week after it was reported that UrbanClap has raised about Rs 1.5 crore from former Flipkart CPO Mekin Maheshwari and Avaana Capital founder Anjali Bansal. While Maheshwari invested Rs 50 lakh in the startup, Bansal infused Rs 99 lakh through her personal investment fund SAB Holdings.
Meanwhile, Tiger Global is on an investment spree in India . According to a recent Mint report, the firm has already invested about $300 million across 13 Indian startups so far this year.
Last month, it co-led a $60-million funding round in MogliLabs, which owns and operates B2B industrial goods marketplace Moglix. Its other portfolio companies include neo-banking startup Open, digital credit ledger startup OkCredit, online video platform The Viral Fever, agri-tech startup and NinjaCart, among others.
Founded in 2014 by Abhiraj Bhal, Varun Khaitan and Raghav Chandra, UrbanClap helps users hire professionals for home services such as beauty, house cleaning, repair, yoga and fitness, among other services. It is currently offering its services in about 10 Indian cities including Delhi/NCR, Bengaluru, Ahmedabad, Chandigarh, and Chennai, and claims to have around 20,000 service professionals on its platform across India, Dubai and Abu Dhabi.
The startup raised $50 million led by Steadview and existing investor Vy Capital in November last year. UrbanClap also counts SAIF Partners, Accel, and Bessemer Venture Partners among its list of backers.
The company’s gross revenue more than doubled to Rs116 crore in 2018-19 from Rs46 crore in the previous fiscal. However, its operating loss rose 26 per cent to Rs72 crore from a year ago.