**Snabbit Seeks $120 Million in New Funding Amid Rapid Growth**
Snabbit, a provider of on-demand home services, is currently negotiating to secure between $100 million and $120 million from both new and existing investors, with a projected valuation ranging from $500 million to $550 million, according to sources familiar with the situation. The company has initiated discussions for a new funding round, as investors recognize the potential for significant growth in this emerging consumer sector. Snabbit, which recently raised funds just a month and a half ago, has chosen not to comment on these developments.
Founded in 2024 by former Zepto executive Aayush Agarwal, Snabbit connects urban households with trained and verified domestic help on demand, typically within approximately 10 minutes. The services offered include dishwashing, laundry, and cleaning of bathrooms and kitchens, with options for scheduling and bundling tasks in a single hourly booking. This upcoming funding round will mark Snabbit’s fifth since its inception.
In October, Snabbit successfully raised $30 million in Series C funding, led by Bertelsmann India Investments, achieving a valuation of around $180 million, as reported by Tracxn. To date, the company has accumulated a total of $56 million in funding, with notable investors including Lightspeed, Elevation Capital, and Nexus Venture Partners. The quick service market has experienced substantial growth recently, particularly in tier-1 cities, with Snabbit generating approximately ₹8 crore in monthly gross revenue, equating to about $12 million in annualized revenue, as stated by Agarwal in a recent interview.
Looking ahead, Snabbit plans to expand its offerings to include services such as home cooking, childcare, and elder care in the coming months. The home services sector has seen a surge in interest, with companies like Urban Company, Pronto, and Broomies also making strides in this space. Urban Company recently launched a ₹1,900 crore initial public offering, while Pronto secured around $2 million from Bain Capital Ventures, and Broomies raised approximately $1.1 million from various investors.
Historically, several startups, including Housejoy, LocalOye, Helpr, and Zimmber, attempted to scale in the home services market before 2019, but few have achieved significant success. The Indian home services market is rapidly evolving, with a total addressable market projected to reach about $60 billion by FY25 and potentially expand to $100 billion by FY30, driven by urbanization and increasingly busy lifestyles.
The online segment of this market, currently valued at around $475 million, is also growing quickly, indicating a promising future for companies like Snabbit as they tap into this expanding demand for home services.
**FAQ**
**What services does Snabbit offer?**
Snabbit provides on-demand home services, including dishwashing, laundry, and cleaning, connecting urban households with trained and verified domestic help.
