Summary of Snabbit’s Funding Announcement
Snabbit, an on-demand home services app, has raised $5.5 million in a Series A funding round led by Elevation Capital, with participation from Nexus Venture Partners and notable angel investors. This follows the $1 million seed funding the startup secured earlier in 2024.
Founded by Aayush Agarwal, a former Zepto executive, Snabbit offers quick-access home services such as cleaning, laundry, and dishwashing, with professionals available within 15 minutes. The app operates on a full-stack model, sourcing, training, and managing its workforce while providing workers with stable income and benefits like health insurance.
Currently active in select areas of Mumbai, Snabbit plans to use the new funds to expand its services across India and enhance its operational capabilities. The company has already acquired thousands of customers through word-of-mouth, tapping into the significant demand for high-frequency home services.
Investors praised Snabbit for its innovative, hyperlocal approach and its potential to transform the home services sector, benefiting both consumers and service providers. The startup is seen as a disruptor in an untapped market with immense growth potential.
Series A Milestone: $5.5 Million Raised
Snabbit, a fast-growing home services app, has raised $5.5 million in a Series A funding round led by Elevation Capital. Nexus Venture Partners also joined the round, along with prominent angel investors Vidit Aatrey, Sanjeev Barnwal, Gaurav Munjal, and Niraj Singh. This comes after Snabbit secured $1 million in seed funding earlier in 2024 from Nexus Venture Partners.
Pioneering Home Service Convenience
Launched in 2024 by Aayush Agarwal, Snabbit offers rapid home services, including cleaning, dishwashing, and laundry. Through the app, users can book trained professionals on-demand, with a guaranteed 15-minute arrival window.
The startup’s unique full-stack model involves sourcing, training, and directly managing its workforce. Aayush Agarwal, the founder, emphasized that this system not only ensures high-quality service but also supports workers with stable incomes and benefits like health and accident insurance.
Plans for Nationwide Growth
Operating in select Mumbai neighborhoods, Snabbit aims to use the new funding to expand its reach to additional cities and enhance its workforce capabilities. The app has already acquired thousands of customers in its current market, driven by word-of-mouth recommendations. Agarwal described India’s market for home services as “immense and untapped,” signaling significant potential for innovation and growth.
Industry Support and Investor Perspectives
Manish Advani of Elevation Capital commended Snabbit for its disruptive approach to the home services sector, calling its platform a “game-changer.” He praised its hyperlocal model, which offers affordable and reliable services.
Suvir Sujan, Managing Director at Nexus Venture Partners, highlighted Snabbit’s strategy of targeting densely populated areas and its success in creating a mutually beneficial system for both consumers and service providers.
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