UrbanClap has raised an undisclosed amount from Ratan Tata, the chairman Emeritus of Tata Sons.
UrbanClap, a mobile-based services marketplace, on Wednesday announced that it has raised an undisclosed amount from Ratan Tata, the chairman Emeritus of Tata Sons. The funding comes a month after the Delhi based startup raised R165 crore in its series B funding led by Bessemer Venture Partners in which existing partners like Accel Partners and SAIF also participated. The company has raised a total of $37 million thus far.
Tata has invested in a wide variety of start ups in recent times. Right from online jewelery Bluestone.com, cab hailing giant Ola, mobile manufacturer Xiaomi, microfinance lender Grameen Capital to digital payments service Paytm, Tata has parked his money in almost every emerging category. Even though he has invested in more than a dozen start-ups, he has never revealed the quantum of money invested. He also serves as an advisor with Kalaari Capital, IDG Ventures and Jungle Ventures.
Tata’s personal investment in UrbanClap is a testament to both the size of the market opportunity, and the calibre of the UrbanClap team, said Abhiraj Bhal, co-founder and CEO, UrbanClap. “We are privileged to have Mr Ratan Tata come onboard as an investor. This investment is a testament to the size of the opportunity that UrbanClap is addressing, and the relentless efforts of the team towards building a large, valuable marketplace that millions of Indians love,” he said.
Founded by Abhiraj Bhal, Varun Khaitan and Raghav Chandra in 2014, UrbanClap serves in Delhi, Bengaluru, Mumbai, Chennai and Pune and plans to expand to 25 cities and 100 categories in the next one year.