Summary of Snabbit’s Funding Announcement: Snabbit, an on-demand home services app, has raised $5.5 million in a Series A funding round led by Elevation Capital, with participation from Nexus Venture Partners and notable angel investors. This follows the $1 million seed funding the startup secured earlier in 2024.
Founded by Aayush Agarwal, a former Zepto executive, Snabbit offers quick-access home services such as cleaning, laundry, and dishwashing, with professionals available within 15 minutes. The app operates on a full-stack model, sourcing, training, and managing its workforce while providing workers with stable income and benefits like health insurance.
Currently active in select areas of Mumbai, Snabbit plans to use the new funds to expand its services across India and enhance its operational capabilities. The company has already acquired thousands of customers through word-of-mouth, tapping into the significant demand for high-frequency home services.
Investors praised Snabbit for its innovative, hyperlocal approach and its potential to transform the home services sector, benefiting both consumers and service providers. The startup is seen as a disruptor in an untapped market with immense growth potential.
Snabbit Raises $5.5 Million in Series A Funding
Snabbit, a rapid-service app connecting users with on-demand home service professionals, has successfully raised $5.5 million in its Series A funding round. Elevation Capital led the investment, with Nexus Venture Partners and angel investors Vidit Aatrey, Sanjeev Barnwal, Gaurav Munjal, and Niraj Singh also contributing.
This new round follows the $1 million seed funding Snabbit received from Nexus Venture Partners earlier in 2024.
Redefining Home Services
Founded in 2024 by Aayush Agarwal, a former chief of staff at Zepto, Snabbit specializes in providing swift, professional home services such as cleaning, dishwashing, and laundry. Through its app, users can book trained professionals by the hour, with the promise of service commencement within just 15 minutes.
Agarwal explained that Snabbit operates a full-stack model, directly sourcing, training, and managing its workforce. This approach ensures a stable income for its employees while providing benefits such as health and accident insurance. He emphasized that Snabbit is empowering a traditionally fragmented workforce.
Expanding Horizons
Currently operational in select neighborhoods across Mumbai, Snabbit aims to utilize the new funding to extend its reach to other locations and strengthen its operational team. Agarwal highlighted the app’s impressive growth, noting that it has already acquired thousands of customers within a limited service area, largely through word-of-mouth referrals.
He described India as an untapped market with significant potential for frequent home services and expressed confidence in Snabbit’s ability to innovate and expand in this emerging sector.
Investor Insights
Manish Advani, Vice President at Elevation Capital, called Snabbit’s platform a “game-changer” for its ability to deliver fast, affordable, and reliable home services through a hyperlocal network of professionals. He expressed excitement about Snabbit’s journey from its Mumbai origins to nationwide expansion.
Suvir Sujan, managing director at Nexus Venture Partners, praised Snabbit’s focus on serving dense residential areas. He described the startup as a disruptor in the hyperlocal home services market, benefiting both consumers and service providers through its innovative business model.
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