Snabbit Nears $400 Million Valuation with New Funding Round
Indian instant house-help startup Snabbit is on the verge of securing approximately $50 million in a funding round that could elevate its valuation to around $400 million. This latest round is primarily led by Susquehanna Venture Capital, according to sources familiar with the negotiations, with the final amount potentially exceeding $55 million due to robust investor interest.
The Bengaluru-based company is set to attract participation from several prominent investors, including Mirae Asset, FJ Labs, along with existing backers such as Lightspeed Venture Partners and Bertelsmann India Investments. If successful, this funding round would represent a significant leap from Snabbit’s previous valuation of $180 million when it raised $30 million in October 2022.
Founded in 2024, Snabbit connects households to on-demand domestic assistance for tasks like cleaning, dishwashing, and laundry, ensuring quick service turnaround through a managed workforce. To date, the startup has amassed a total investment of $55 million prior to this round.
In the context of increasing investor enthusiasm for instant house-help ventures in India, rival startup Pronto is also closing in on a funding round led by tech investor Lachy Groom at a valuation of about $200 million. Urban Company, another significant competitor in this sector, reported crossing one million monthly bookings for its quick home services in March, signalling the growing demand for such services.
The surge in demand is largely attributed to India’s youthful urban population, which has become accustomed to ordering services on demand via mobile applications. Snabbit’s founder and CEO, Aayush Agarwal, announced on LinkedIn that March alone saw the completion of over one million jobs. Previously, he shared with TechCrunch that Snabbit was processing more than 10,000 jobs daily and had recorded over 300,000 total orders by October.
As Snabbit actively hires, the startup had approximately 5,000 professionals on its platform as of that time, all of whom were women. The announcement regarding the new funding round is expected as early as next week, although the company and its investors have yet to comment publicly on the situation.
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