Highlights
Snabbit Secures $19 Million Series B Funding for Quick Service Platform
Snabbit, the quick service platform, has recently secured $19 million in Series B funding, led by Lightspeed, with contributions from existing investors Nexus Venture Partners and Elevation Capital. This funding round aims to further develop their offerings in the on-demand home services market.
The board of Snabbit plans to approve the distribution of 65,165 Series B compulsory convertible preference shares, set at an issue price of Rs 24,914.93 each, in order to raise Rs 162.35 crore (approximately $19 million), as indicated in their regulatory filing obtained from the Registrar of Companies (RoC).
According to the filings, Lightspeed is anticipated to invest Rs 94 crore ($11 million), while existing investors Nexus Venture Partners and Elevation Capital will each contribute Rs 34.18 crore ($4 million).
Valuation Insights
Startup Superb’s estimates suggest that Snabbit will be valued at Rs 684 crore (around $80 million), representing a significant increase of 3.5X from its previous valuation of $23 million during the Series A round.
About Snabbit
Founded in 2024 by Aayush Agarwal, Snabbit serves as a bridge between households and trained professionals, providing on-demand home services such as cleaning, dishwashing, and laundry. Customers can book experts by the hour, with arrival times of just 10 minutes. The platform currently boasts more than 600 professionals, a figure expected to double monthly, based on Agarwal’s statements.
Following this funding round, Nexus Venture Partners and Elevation Capital will hold stakes of 23.69% and 19.92%, respectively. New investor Lightspeed will have a 13.75% stake, while founder Aayush Agarwal will maintain a significant 36.08% share in the company.
Competitive Landscape
Based in Mumbai, Snabbit has raised over $25 million across three funding rounds, including $5.5 million in a Series A round led by Elevation and Nexus earlier this year, according to various startup data intelligence platforms.
Snabbit faces direct competition from industry leader Urban Company, which has recently submitted its Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offer (IPO) worth Rs 1,900 crore. Urban Company has also ventured into quick commerce with the launch of a 15-minute maid booking service called “Insta Help.” Another competitor is Pronto, a startup offering a 10-minute house help service, which has raised $2 million from Bain Capital at a valuation of $12.5 million.