Snabbit to Raise $30 Million from Bertelsmann to Drive Expansion
- Snabbit to raise $30 million in Series C led by Bertelsmann.
- Valuation doubles to $172 million within 10 months.
- Funds to support expansion, tech upgrades, and working capital.
Snabbit, an on-demand home services startup, is set to raise Rs 265.4 crore (around $30 million) in a Series C funding round led by Bertelsmann, with participation from Lightspeed Venture Partners, Elevation Capital, and Nexus Venture Partners. This marks the company’s third funding round within 10 months.
According to regulatory filings, Snabbit’s board has approved the issue of 54,876 Series C CCPS at a price of Rs 48,377 per share. Bertelsmann will invest Rs 135.39 crore ($15.4 million), while Lightspeed and Elevation Capital will each contribute Rs 53 crore ($6 million). Nexus Venture Partners will add Rs 23.89 crore, increasing its stake in the Bengaluru-based company.
The funds will be used to boost working capital, expand the user base, and support operational growth across India. The company’s valuation is set to double to Rs 1,516 crore ($172 million), up from $80 million in its Series B round earlier this year.
Founded in 2024 by Aayush Agarwal, Snabbit connects households with trained professionals for services like cleaning, dishwashing, and laundry, offering 10-minute response times for bookings.
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Before this round, Snabbit had raised $25 million. After the latest investment, Bertelsmann will hold an 8.5% stake, while Nexus Venture Partners remains the largest external shareholder with 21.24%, followed by Elevation Capital (19.93%) and Lightspeed (14.79%).
Snabbit competes with Urban Company and Pronto, both key players in India’s fast-growing on-demand home service market.
