Snabbit raises fresh $19M from Lightspeed, existing investors to accelerate expansion
Snabbit has raised $19 million just months after closing its Series A fundraise in January as it ramps up expansion for quick home services offering.
Quick service provider Snabbit has picked up another funding haul less than six months after its last to support expansion dreams as investor interest and competition in the sector shoot up.
The company has secured $19 million in its Series B round led by Lightspeed, along with participation from Elevation Capital and Nexus Venture Partners.
Since the beginning of the year, the Mumbai-based company has cumulatively raised $24.5 million across the two rounds.
The startup first launched its services in Powai, Mumbai, and has since expanded to other pincodes in the city, as well as select areas in Bengaluru.
"The last round of capital was raised to demonstrate that what we had proven in Powai could be replicated across multiple micro markets. So, we launched in Bangalore and expanded into several different micro markets in Mumbai. We actually saw even faster growth there—both in terms of scaling the business and acquiring customers. Once we saw that kind of traction, it made sense to prepare for a much faster acceleration in scaling these micro markets. That’s why we went out and raised more capital," Founder Aayush Agarwal told YourStory.
Since its launch in March 2024, the platform is active across 10 micro-markets. With its latest capital infusion, it plans to launch in over 200 micro markets over the next nine months. It also plans to invest aggressively in building a team to support its expansion ambitions.
The space has seen renewed interest, with Urban Company launching its Rs 1,900 crore IPO last month. Earlier this month, home services provider Pronto raised $2 million from Bain Capital.
(The feature image was updated at company's request.)
Edited by Kanishk Singh