Snabbit Secures Rs 265.4 Crore in Series C Funding Round
Snabbit, an on-demand home service platform, is securing Rs 265.4 crore (approximately $30 million) in a Series C funding round led by Bertelsmann, a new investor. Existing supporters including Lightspeed Venture Partners, Elevation Capital, and Nexus Venture Partners are also contributing. This funding round marks the third within a span of 10 months for the Bengaluru-based enterprise, which previously raised $19 million in its Series B round during May. Recently, Snabbit shifted its headquarters from Mumbai to Bengaluru.
The board of Snabbit approved a special resolution to issue 54,876 Series C CCPS at a price of Rs 48,377 each to achieve the stated funding goal, as indicated in a regulatory filing accessed from the Registrar of Companies (RoC). According to the filing, Bertelsmann will spearhead the round, investing Rs 135.39 crore ($15.38 million). Concurrently, existing investors Lightspeed and Elevation Capital will each invest Rs 53 crore ($6 million), while Nexus Venture Partners will allocate Rs 23.89 crore to elevate its stake in Snabbit.
The funds raised will be directed towards meeting working capital requirements, capital expenditures for sustained growth, expanding its user base across India, and addressing general corporate purposes, as per the filing.
Startup Superb’s estimates project Snabbit’s valuation to more than double to Rs 1,516 crore ($172 million), up from $80 million during its Series B round. Notably, the company was valued at $23 million following its Series A round in January of this year.
Founded in 2024 by Aayush Agarwal, Snabbit serves as an on-demand platform connecting households with trained professionals for various tasks, including cleaning, dishwashing, and laundry. Users can book experts hourly, with service providers arriving within a mere 10 minutes.
Various sources from the startup data intelligence platform indicate that Snabbit had raised approximately $25 million prior to this current round. Post the latest allotment, new investor Bertelsmann will own an 8.5% stake in the company, while Nexus Venture Partners will retain the largest external shareholder position with a 21.24% stake. Elevation Capital and Lightspeed will possess 19.93% and 14.79% stakes, respectively.
Snabbit is in direct competition with industry leader Urban Company, which recently got listed on Indian stock exchanges. The platform also faces competition from Pronto, a startup offering a ten-minute house help service that recently secured $11 million in a funding round co-led by General Catalyst and Glade Brook Capital.