Sulekha.com, a leading digital platform for local services, has announced that GIC, the sovereign wealth fund of Singapore, and Norwest Venture Partners, a top-tier global investment firm, have invested Rs 175 crore into the company. Sulekha.com will use the capital to expand its platform, that connects one of the largest bases of users and local service providers, and invest in technology and branding.
Satya Prabhakar, founder and CEO of Sulekha.com, said, “This investment by GIC and Norwest is a powerful endorsement of the vast potential of the local services opportunity in India and Sulekha’s ability to prosecute it successfully. Sulekha has cultivated deep expertise and built a sophisticated platform in 800+ local service categories, including home/office services, coaching/training, health/lifestyle and property/rentals. Sulekha’s large base of users and businesses, unique IP, vast operational footprint, plus rapid migration to mobile are transforming the local services market.”
Local businesses spend an estimated $2.5 billion in advertising across various media to capture $ 200 billion worth of local services bought in diverse categories such as computer training, serviced apartments, party catering, babysitting, care of elderly, yoga lessons, kitchen renovation, and wedding photography.