MC EXCLUSIVE Snabbit in talks to raise $70 million from Mirae, SIG as quick services wars heat up

Snabbit in talks to raise $70 million from Mirae, SIG as quick services wars heat up

• Snabbit in talks to raise $60-$70M from Mirae Asset and SIG
• Funding to expand Snabbit's quick home services platform
• Competition in India's quick home services sector is intensifying

Did our AI summary help?

Quick home services startup Snabbit is in advanced talks to raise about $60-$70 million in a fresh funding round from Mirae Asset and Susquehanna International Group (SIG), according to people familiar with the matter.

The round, which is currently being negotiated, is expected to value the company at around $350–$400 million, the sources said. Existing investors Bertelsmann India Investment (BII), Lightspeed Venture Partners and Elevation Capital are expected to join the round.

The investment is expected to help the company expand its quick home services platform across more neighbourhood clusters while strengthening its supply network of service professionals.

Snabbit, SIG and Mirae Asset did not immediately respond to queries sent by Moneycontrol.

The development comes as India’s emerging quick home services segment — which promises on-demand domestic help within minutes — has begun to see rapid growth and rising competitive intensity. Multiple companies are scaling operations simultaneously, betting that dense neighbourhood networks and faster response times will help capture early market share in what could become a large urban services category.

The sector has drawn increasing investor interest over the past year as startups attempt to replicate the speed and convenience playbook popularised by quick commerce. Platforms in the space offer services such as cleaning, utensil washing, laundry and basic household chores, delivered through trained professionals deployed within tightly defined neighbourhood clusters.

Urban Company, which is currently the market leader in this category, has also been investing heavily in the segment through its InstaHelp vertical. The company recently disclosed that the service has crossed 50,000 daily bookings within a year of launch, underscoring the pace at which the category is scaling.

Urban Company executives have indicated that the company is continuing to invest in the vertical even as it remains loss-making in the near term, with incentives and discounts being used to acquire customers and build early demand.

Recently, Moneycontrol was the first to report that rival startup Pronto raised $25 million in a Series B funding round led by Epiq Capital, with participation from existing investors including Glade Brook Capital, General Catalyst and Bain Capital Ventures. The company said the fresh capital would be used to expand its operations across cities and increase its supply base of service professionals.

Industry executives say the economics of these services improve as neighbourhood clusters mature and utilisation of service professionals rises. As a result, companies are racing to build dense supply networks and acquire customers early — a strategy reminiscent of the expansion playbook seen during the early days of India’s quick commerce boom.

With fresh capital flowing into the sector and multiple players scaling simultaneously, the competition for customers and neighbourhood density in quick home services is expected to intensify in the coming months.