VC firm Vy Capital invests $21 million in UrbanClap

NEW DELHI: Gurgaon-headquartered home services marketplace, UrbanClap has raised $21 million in a Series C funding round led by Dubai-based VC firm Vy Capital, with participation from existing investors SAIF Partners, Accel Partners and Bessemer Venture Partners. Vy Capital also bought some shares held by Snapdeal Founders, who are UrbanClap’s angel investors.

UrbanClap founders will use the latest financing to expand to new cities, invest in technology and add new vendors. According to UrbanClap founder Abhiraj Bhal, “The new round of capital gives us the elbow room to invest in core areas of our business such as supply on-boarding at scale, training, building spares and parts inventory, etc. This will help us firmly cement our market leadership position,” Bhal added.

UrbanClap previously raised $25 million in Series B round of funding led by Bessemer. This was followed by an investment from Ratan Tata in December 2015 and $3.1 million in debt investment from Trifecta Capital in May this year.