Indian on-demand home services platform Snabbit announced on Tuesday that it has secured $56 million in a funding round led by Susquehanna Venture Capital, Mirae Asset Venture Investments, and Bertelsmann India Investments.
Existing backers Nexus Venture Partners and Lightspeed participated alongside new investor FJ Labs Inc. This latest round brings Snabbit’s total funding to $112 million across five rounds and more than doubles its previous $180 million valuation, News.Az reports, citing Reuters.
The company offers household services such as dishwashing and kitchen cleaning starting at 169 rupees ($1.79) per hour. Snabbit plans to use the new capital to expand into new cities, deepen its presence in existing markets, add service categories, and strengthen its balance sheet. The firm reported crossing 1 million monthly jobs in March.
Snabbit currently competes in a sector with over 10 million monthly average users. According to data from Morgan Stanley, Urban Company leads the market with 6.5 million users, followed by Pronto with 2.7 million and Snabbit with 1.2 million users.
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