UrbanClap is an online platform to find the best professionals in different services that one can need on day to day basis. The platforms connect professionals like architects, wedding photographers, yoga teachers, educational counselors or lawyers etc to its users. UrbanClap was founded in October 2014 based in New Delhi.
UrbanClap was founded by Varun Khaitan, Abhiraj Bhal, and Raghav Chandra.
Varun and Abhiraj both went to IIT Kanpur for their graduation and known each other from there. Both have worked for the same company called Boston Consultancy Group. Abhiraj also completed his business studies from IIM Ahmedabad. Raghav went to the University of California for his studies and worked at Twitter after that.
The company has raised a total sum of 57 million dollars from 7 investors in 5 different round of funding.
The company raised the seed capital of 1.6 million dollars from SAIF Partners, Accel Partners, Kunal Bahl, Rohit Bansal.
In June 2015 the first round of funding was held and the company raised 10 million dollars from SAIF Partners and, Accel Partners. In November 2015 in the second round of funding UrbanClap raised around 25 million Dollars from Bessemer Venture Partners, Accel Partners, SAIF Partners.
In July 2017 the company raised another 21 million dollars in Series C round of Funding led by Vy Capital and other investors were Bessemer Venture Partners, Accel Partners, SAIF Partners.
UrbanClap Business Model:
UrbanClap is working on a simple business model. It provides most suited professionals to your day to day need for example electricians, home cleaning, photographers, interior designers or yoga instructors etc. This is done through an automated match-making algorithm, which the team is investing heavily to continue perfecting.
UrbanClap also does a background check and police verification for all its partnered professional for safety purposes.
UrbanClap Revenue Model:
UrbanClap has two type of revenue model.
- For fixed charge services like plumbing, electrician or home cleaning UrbanClap accept the payment directly from the UrbanClap App and later they transfer the amount to hired professional after deducting their commission.
- For services like photographers, interior designers or yoga instructors, where charges are not fixed UrbanClap charges the professionals for lead generation and sponsored listing.