Snabbit, an Indian home services startup, has successfully raised $19 million in a Series B funding round. The round was led by Lightspeed, with participation from existing investors Elevation Capital and Nexus Venture Partners. This investment values Snabbit at $80 million post-money. Snabbit offers on-demand home services such as cleaning, dishwashing, and laundry through a mobile app, promising delivery within 10 minutes.
The funding will be used to expand Snabbit's presence across more micro-markets in major Indian cities. The company currently operates in several areas of Mumbai and Bengaluru, employing a "full-stack" approach to managing its workforce of over 600 "experts." This includes sourcing, training, and providing benefits like insurance and an SOS feature for worker safety.
Snabbit differentiates itself through its focus on speed, reliability, and worker well-being, addressing challenges prevalent in India's informal home services sector. While facing competition from established players like Urban Company and newer entrants, Snabbit boasts strong growth metrics, including 5x growth in the past four months and a 20% week-over-week increase. The company aims to leverage its technology platform and operational efficiency to maintain its competitive edge.
Snabbit's success hinges on its ability to sustain customer acquisition and retention while scaling its operations and navigating the complexities of the Indian market. The company's focus on worker welfare and technological innovation positions it for potential growth in a rapidly expanding sector.
