Fast service company Snabbit has raised more money less than six months after its last funding round. The new funds will help the company grow as interest from investors and competition in the industry continue to rise.
The company has raised $19 million in its Series B funding round. The round was led by Lightspeed, with Elevation Capital and Nexus Venture Partners also taking part.
Since the start of the year, the Mumbai-based company has raised a total of $24.5 million through two funding rounds.
The startup started its services in Powai, Mumbai, and has now grown to cover more areas in Mumbai and some parts of 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,” said Founder Aayush Agarwal.
Since it started in March 2024, the platform has been active in 10 small areas.
With the new funding, it plans to expand to more than 200 small areas in the next nine months. The company also plans to hire many new people to help with this growth.
There is growing interest in this industry. Last month, Urban Company started a big IPO worth Rs 1,900 crore. Earlier this month, home service company Pronto raised $2 million from Bain Capital.
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