India’s Snabbit valuation doubled to $180M in 5 months on its quick house-help bet

Core Insights - Snabbit, an on-demand home-help startup in India, has raised $30 million in funding, increasing its valuation from $80 million to $180 million in just five months [1][2] - The startup has experienced significant growth, with daily job bookings rising from approximately 1,000 in May to over 10,000 [3] - Snabbit aims to expand its services beyond its current markets and plans to enter additional cities soon [5] Funding and Valuation - The recent Series C funding round was led by Bertelsmann India Investments, with participation from existing investors including Lightspeed, Elevation Capital, and Nexus Venture Partners [2] - Total funding for Snabbit has now reached $55 million [2] Business Growth - Snabbit has grown its total orders to over 300,000 as of October, up from 25,000 in May [5] - The startup has a retention rate of 30% to 35% and projects an annual recurring revenue of $11 million [7] Service Offering - Founded in 2024, Snabbit provides various on-demand home services, including cleaning, dishwashing, laundry, and kitchen prep, through a fleet of 5,000 women experts [4] - The services are priced at around ₹150 (approximately $2) per hour, with an average ticket size of ₹240 (about $3) [8] Market Presence - Snabbit currently operates in 40 micro markets across five major cities: Mumbai, Bengaluru, Gurugram, Noida, and Pune [5] - The company plans to expand into Hyderabad, Chennai, Delhi, and Calcutta [5] Customer Demographics - Most users of Snabbit's services are between 30 and 40 years old, including bachelors and working professionals [5] - The startup targets customers who prefer ad hoc solutions rather than full-time house help [6]