Quick Service Platform Snabbit Nets $5.5 Mn To Fuel Market Expansion
Summary
Mumbai-based quick service platform Snabbit has secured $5.5 Mn (around INR 47.6 Cr) in a Series A funding round led by Elevation Capital.The round also saw participation from its existing investor Nexus Venture Partners, along with a host of angel investors, including Meesho cofounders Vidit Aatrey and Sanjeev Barnwal; Unacademy cofounder Gaurav Munjal and Spinnys founder Niraj Singh.Snabbits founder and chief executive Aayush Agarwal told Inc42 that the funds will be deployed for opening new micro markets in Mumbai over the next six to nine months and expanding its customer base.Founded by Zeptos former chief of staff Agarwal last year, Snabbit is a quick service platform that offers domestic services such as general cleaning, laundry and similar others on demand.The company does not operate on a subscription basis, however, tends to the momentary demands that are infrequent in nature.Snabbits application has more than 10K downloads on Google Play Store, as of now.Agarwal said, users can book slots from three days in advance to claim a service to a last moment reservation that would be available at a notice of 10 minutes in the locations it is active, currently.Snabbit said in a statement that earlier last year it secured $1 Mn as a part of its seed funding round from Nexus Venture Partners.The funding comes at a time when there is comparatively lesser competition present in the quick services market with a few established players leading the game with their unique offerings.Such players include hyperlocal services startup Urban Company, which offers home cleaning, appliance salon and massage, repair services and painting, among others, while salon-at-home startup Yes Madam is known for its offerings such as massage, spa, therapies, hair treatments and male grooming services at users convenience.However, it is to note that earlier last week, Urban Company was looking to file draft papers for its INR 3,000 Cr initial public offering (IPO) before the end of March, as per reports. Previously, it also entered into a joint venture with SMASCO (Saudi Manpower Solutions Company) to roll out a new home services platform in Saudi Arabia, in October 2024.