Ratan Tata Sponsored Urban Clap Come Up With $3 Mn Capital From Trifecta Capital

UrbanClap, Gurgaon Based mobile services marketplace, has acquired almost $3.1 Mn funds from Trifecta capital via non convertible debenture bond.

As per the company records at Registrar of Companies, UrbanClap has also given equity shares through convertible preference shares to Trifecta.

UrbanClap

UrbanClap was established by Raghav Chandra, Abhiraj Bhai, and Varun Khaitan in October of year 2014. It is a mobile commercial center that provides services with 97 classes including electricians, photographers, guitar instructor, Yoga instructor, home cleaning and repairs, and many more. Currently it is actively servicing eight urban communities: Bengaluru, Ahmedabad, Chennai, Hyderabad, Delhi NCR, Kolkata, Pune, and Mumbai.

Previous Funding acquired by UrbanClap

In November 2015, the startup revealed its Series B round funding of value $25 Mn (about INR 165 Cr) acquired from Bessemer Venture Partners and existing speculators SAIF Partners and Accel. Accel and SAIF Partners had contributed $12 Mn in two rounds of funding before this one. Ratan Tata had additionally put resources into the startup at the end of 2015.

Google’s Areo and other contender

UrbanClap procured HandyHome in January of 2016 and this month Google propelled Areo, a hyperlocal service provider. It hooked with FreshMenu, UrbanClap, and Faasos to serve its services through Areo.

According to Inc42 Datalabs, more than 400 new companies joined the hyperlocal market during 2011 to 2016. Out of these, around 193 were financed and acquired more than $1 Bn subsidizing in total and out of which more than 100 closed down. Some of the Contenders of UrbanClap are Housejoy, Zimmber, Localoye, Qyk, Findy ahan, and so on.

Trifect Capital

Bengaluru-based online grocer company, BigBasket raised about $6.9 Mn (INR 45 Crore) capital from Trifecta Capital in March, 2017. Trifecta Capital gives funds to new age organizations through various phases of their development. It was established by Nilesh Kothari and Rahul Khanna.

According to a company proclamation, the fund has supported almost 18 companies in 18 month of its commencement including Rivigo, PaperBoat, Urban Ladder, Nephroplus, IdeaForge, OneAssist, etc.

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