Lightspeed Leads $19M Investment in Indian Home Services Startup Snabbit, Valuing it at $80M

Snabbit, an Indian startup focused on revolutionizing the home services market, has secured $19 million in a Series B funding round led by Lightspeed, with participation from existing investors Elevation Capital and Nexus Venture Partners. The funding values the company at a post-money valuation of $80 million. This investment aims to fuel Snabbit’s expansion in the rapidly evolving Indian home services sector.

Founded last year, Snabbit offers a platform for booking frequent home services such as cleaning, dishwashing, laundry, and kitchen preparation. The company distinguishes itself by promising service delivery in as little as 10 minutes through its mobile app.

Aayush Agarwal, founder and CEO of Snabbit, shared that the idea for the company stemmed from his personal struggles in finding reliable home services in Mumbai. “What stayed with me was that in a world of convenience where you can press a button, and you’ll get a cab, or you’ll get food or groceries, you can even get someone to go out on a date with, but finding someone for a simple service at home was excruciatingly difficult,” he said.

Snabbit initially launched its quick-service platform in Mumbai, focusing on a single micro-market for the first year. It has since expanded to seven markets in Mumbai and one in Bengaluru.

The company adopts a full-stack approach, managing the sourcing, screening, training, and onboarding of its workers, whom it refers to as “experts.” Snabbit ensures that its workers reside near demand centers to facilitate rapid service delivery.

Snabbit faces competition from established players like Urban Company, which has also ventured into quick home services. However, Snabbit is also competing with newer entrants, including Broomees and Pronto. Pronto recently received seed funding from Bain Capital Ventures, indicating growing interest in the sector.

Agarwal acknowledges the increasing competition, stating, “We know that the market is heating up. The category is getting exciting, new players are coming in and getting funded. And I think all of it is great for us as long as we keep executing relentlessly.”

Snabbit charges between ₹169 (approximately $2) and ₹499 (approximately $6) for services lasting up to 240 minutes. While this is more expensive than Urban Company’s Insta Help, which starts at ₹49 (50 cents), Agarwal says Snabbit has continued to scale. He emphasizes a consistent customer experience through its proprietary tech stack, including an internal CRM, a sourcing and screening pipeline, and an eKYC process for regulatory compliance.

Currently, Snabbit has over 600 workers on its platform, with each covering a median walking distance of 300 meters between jobs. The company has partnered with Yulu to provide e-bikes to its female workers, extending their median distance to 800 meters. Snabbit aims to further reduce these distances as it scales.

Workers on Snabbit’s platform earn “upward” of ₹40,000 ($470) a month for a 12-hour shift and over ₹10,000 ($120) a month for four hours a day, with eligibility for bonuses. This, Agarwal claims, is more than the typical ₹9,000 ($100) earned by domestic helpers in urban India.

Snabbit provides its workers with personal life insurance, health insurance, and accidental insurance, as well as family insurance for long-term employees. Addressing the prevalence of workplace abuse against domestic workers in India, Snabbit offers an SOS feature on its app, connecting workers with a field operations team that can reach their location within minutes.

Over the past four months, Snabbit has experienced a 5x growth and is currently growing at approximately 20% week-over-week. The company intends to use the new funding to expand to over 200 micro-markets across metro cities in India within the next nine months and increase its workforce.

Rahul Taneja, a partner at Lightspeed, stated, “Snabbit is transforming home services in India by bringing speed, structure, and trust to a sector that has largely operated informally until now. We are excited to join them on this journey and support their mission to transform and scale what was once considered a luxury into a day-to-day necessity.”