Home services startup Snabbit secures $56 million in fresh funding round

Snabbit, a prominent player in India’s on-demand home services market, announced on Tuesday that it has successfully raised $56 million in a fresh round of funding. The investment, which bolsters the company’s capital reserves to a total of $112 million, signals continued investor appetite for the expanding domestic service sector.

Investor backing and valuation

The funding round was led by a consortium of major investors, including Susquehanna Venture Capital, Mirae Asset Venture Investments, and Bertelsmann India Investments. They were joined by new investor FJ Labs Inc., alongside existing backers Nexus Venture Partners and Lightspeed. While the company declined to disclose specific valuation figures, it confirmed that its total valuation has more than doubled since its previous funding round.

Operational milestones and expansion plans

The capital injection comes at a time of rapid operational scaling for the business. Snabbit reported reaching a key milestone in March, surpassing 1 million monthly service jobs. The platform provides a variety of household assistance, including dishwashing and kitchen cleaning, with service rates starting at 169 rupees ($1.79) per hour.

Management intends to utilise these funds to accelerate the company’s growth trajectory. Key priorities include expanding the platform’s footprint into new cities, increasing service density in existing markets, and diversifying the current range of service categories offered to consumers. Additionally, the company plans to focus on strengthening its balance sheet to support long-term sustainability.

Competitive market landscape

The home services industry in India remains highly competitive, with a combined monthly average user base exceeding 10 million across the sector. According to an April 10 note from Morgan Stanley, Urban Company currently leads the market with 6.5 million monthly users, followed by the General Catalyst-backed platform Pronto with 2.7 million, and Snabbit with 1.2 million. As consumer demand for organised, reliable domestic assistance grows, the competition between these platforms continues to drive service innovation and expansion across the country.