UrbanClap raises USD 50 million in fresh round of fundraising
Besides, the company is facilitating a secondary sale of employee stock ownership plans (ESOPs) and stocks worth about USD 4 million for its employees and early angels.
He added that the funds will be used to further strengthen the technology platform, train more professionals and expand presence in India, including in tier II cities. He, however, declined to comment on the valuation of the company post the investment.
Founded in 2014, UrbanClap helps customers order beauty services, appliances repair, plumbing, carpentry, etc. It works closely with service professionals (SPs) providing them with orders, training, and bulk procurement of consumables, among others.
"We have about 15,000 professionals on our platform and the aim is to take this to over a million in the next 4-5 years. We just launched in Chandigarh, we should be in Jaipur in December-January...we will go to more tier II cities," Bhal said.
In the next one year, the company aims to take the number of professionals on its platform to over 60,000.
Talking about the ESOPs sale, he said this is the second time that UrbanClap's employees are getting an opportunity to liquidate their ESOPs. UrbanClap had extended the option to its employees while announcing its series C round in June 2017.
Bhal said, this time, about 100 employees were eligible for the process and more than half have agreed to exercise the option.
He said the company will use this round of funding to accelerate customer and service partner on-boarding, invest in team building, especially on the product and technology front, build training capabilities, enhance supply chain of consumables.
The company's other investors include Accel Partners, SAIF Partners, Bessemer Venture Partners and Ratan Tata.
(With inputs from agencies.)