Quick services startup Snabbit has declared that it has secured an effective Series C funding round, amounting to $30 million, and this substantial capital injection will drive its ambitious growth into high-frequency home care products. This round was led by Bertelsmann India Investments and had a strong presence of all its existing investors, including the leading venture capital firms like Lightspeed, Elevation Capital, and Nexus Venture Partners.

Capital infusion

The recent investment is also the third successful round of funding of the women-led start-up in the last nine months. The recurrent and high-volume investor support highlights the high growth rate of Snabbit and its ability to frame the emerging home services market in India. The raised funds are specifically targeted to the opening of additional micro-markets and the expansion of services offered by the company to encompass the essential services such as childcare, elderly care, and cooking.

The successful round C completion has made the total amount raised by the company $55 million. This ongoing inflow of investment, especially the series of fundraising over a relatively limited period of 9 months, is an indication of a deeper validation of the Snabbit operational model and its capacity to implement its vision in a big and fast-growing market.

The partner at Lightspeed and an investor in Snabbit, Rahul Taneja, said, “High-frequency home services is truly the most under-penetrated, unorganised large category in the Indian ecosystem, yet to be meaningfully solved. Snabbit was the first to market and has relentlessly innovated to bring the best quality experience to consumers’ lives. We are excited to double down and deepen our partnership with Snabbit on this journey.”

Quotation Source: Business Standard  

Operational and primary strategic focus

As a result of this new injection of capital, Snabbit will be able to achieve substantial vertical and geographic growth. The central strategic point is the introduction of services in more micro-markets in the country. More importantly, the capital will enable the firm to expand to other high-frequency categories of vital domestic services.

The corporation will launch new specialized services in cooking, childcare, and elder care, as described in a corporate statement. The strategic action is designed to secure a higher proportion of the consumer expenditure on everyday necessities, which will further entrench Snabbit in the changing environment of the on-demand home services in India.

Snabbit recently relocated its headquarters to Bengaluru in a bid to further improve its technological advantage and its innovation pipeline. This is a strategic move aimed at ensuring that the firm is able to effectively utilize the large and highly skilled pool of technology in the city.

Snabbit has been operational and live in five cities. The company has also been interested in strengthening its leadership structure, especially in its product and technology operations, to make sure that it has the capacity to facilitate its aggressive growth strategies in the future, in anticipation of its extended market presence in India.

Conclusion

With a series C capital of $30 million, backed by Bertelsmann India Investments, Snabbit becomes one of the most capitalized and vibrant market leaders in the Indian quick home services market. The short-term plan is a critical expansion into the high-frequency and necessary types of childcare, elderly care, and cooking. With a strong technological foundation, a strategic move to Bengaluru to recruit the best tech brains, and an awe-inspiring, fast-growing women-led workforce that delivers more than 10,000 jobs per day, Snabbit is in an excellent position to address the intricacies of the under-penetrated home services market and keep its growth projections on a steep upward curve.