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Snabbit acquihires Pync founding team to scale quick home services

EntrackrEntrackr ยท 20d ago
Snabbit acquihires Pync founding team to scale quick home services
Medial

url: https://entrackr.com/news/snabbit-acquihires-pync-founding-team-to-scale-quick-home-services-10999863. Content: Quick home services platform Snabbit has announced that it is joining forces with the founding team of Pync as it looks to scale up in Indiaโ€™s rapidly growing quick home services market. The acquihire brings Pyncโ€™s founders Harsh Prateek, Mayank S and Dev Priyam into Snabbit, where they are expected to take up senior roles across operations and business functions. Founded in 2023, Pync initially offered car-cleaning subscriptions. The startup later pivoted to quick house services and raised about $2 million in seed funding from Accel, Bharat Founders Fund and Betterindustries. Before wrapping up the brand, it operated only in Bengaluru and served over 25,000 households with more than 1,000 service professionals. Harsh Prateek, co-founder of Pync, said the two teams shared a similar approach to operations and consumer experience, and that combining Pyncโ€™s lean execution with Snabbitโ€™s scale would help accelerate growth. The development also comes at a time when Snabbit is also in talks to raise a larger funding round of around $100 million. Entrackr had exclusively reported the development in October last year. It has already raked in over $25 million from the likes of Elevation Capital and Nexus Venture Partners. The acquihire and the forthcoming funding are expected to strengthen Snabbitโ€™s competitive position against its key rival and industry leader Urban Company, which was recently listed on Indian stock exchanges. The company also competes with Pronto, a ten-minute house-help services startup that has raised $11 million in a funding round co-led by General Catalyst and Glade Brook Capital.

Exclusive: Snabbit set to raise $30 Mn with over 2X valuation premium

EntrackrEntrackr ยท 3m ago
Exclusive: Snabbit set to raise $30 Mn with over 2X valuation premium
Medial

URL: https://entrackr.com/exclusive/exclusive-snabbit-set-to-raise-30-mn-with-over-2x-valuation-premium-10600876 Content: On-demand home services platform Snabbit is raising Rs 265.4 crore ($30 million) in a Series C round led by Bertelsmann, with participation from existing investors Lightspeed, Elevation, and Nexus Venture Partners. This marks the third funding round within 10 months of 2025 for the Bengaluru-based company, which last raised $19 million in its Series B round in May. Snabbit recently relocated its base from Mumbai to Bengaluru. The Snabbitโ€™s board passed a special resolution to approve the issuance of 54,876 Series C CCPS at an issue price of Rs 48,377 apiece to raise the above-mentioned sum, its regulatory filing accessed from Registrar of Companies (RoC) shows. As per the filing, Bertelsmann will lead the round with an investment of Rs 135.39 crore ($15.38 million). Existing investors Lightspeed and Elevation Capital will each contribute Rs 53 crore ($6 million), while Nexus Venture Partners will invest Rs 23.89 crore to increase its stake in the company. The proceeds from the funding will be used to meet its working capital needs and capital expenditure to sustain growth, expand its user base in India, and address general corporate purposes, the filing added. According to Entrackrโ€™s estimates, Snabbitโ€™s valuation is set to surge over 2X to Rs 1,516 crore ($172 million) from $80 million in its Series B round. Notably, the company was valued at $23 million post its Series A round in January this year. Founded in 2024 by Aayush Agarwal, Snabbit is an on-demand home services platform that connects households with trained professionals for tasks such as cleaning, dishwashing, and laundry. Users can book experts by the hour, with service providers arriving within 10 minutes. According to startup data intelligence platform TheKredible, Snabbit had raised around $25 million prior to this round. Following the latest allotment, new investor Bertelsmann will hold an 8.5% stake in the company, while Nexus Venture Partners will remain the largest external shareholder with a 21.24% stake. Elevation Capital and Lightspeed will own 19.93% and 14.79% stakes, respectively. Snabbit directly competes with industry leader Urban Company, which was recently listed on Indian stock exchanges. It also faces competition from Pronto, a ten-minute house help service startup that raised $11 million in a round co-led by General Catalyst and Glade Brook Capital.

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