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Snabbit acquihires Pync founding team to scale quick home services

EntrackrEntrackr · 3h 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 India’s rapidly growing quick home services market. The acquihire brings Pync’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 Pync’s lean execution with Snabbit’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 Snabbit’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.

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Decoding Snabbit’s Series B round, valuation and captable

EntrackrEntrackr · 7m ago
Decoding Snabbit’s Series B round, valuation and captable
Medial

url: https://entrackr.com/fintrackr/decoding-snabbits-series-b-round-valuation-and-captable-9331453 Content: Quick service platform Snabbit recently announced its $19 million Series B round led by Lightspeed with the participation of existing investors Nexus Venture Partners and Elevation Capital. The board of Snabbit is set to approve the allotment of 65,165 Series B compulsory convertible preference shares at an issue price of Rs 24,914.93 each, to raise Rs 162.35 crore (approximately $19 million), its regulatory filing accessed from Registrar of Companies (RoC) shows. Lightspeed is expected to invest Rs 94 crore ($11 million), while existing investors Nexus Venture Partners and Elevation Capital will contribute Rs 34.18 crore ($4 million) each. According to Entrackr’s estimates, Snabbit will be valued at Rs 684 crore (around $80 million), a 3.5X increase from its $23 million valuation in the previous Series A round. Founded in 2024 by Aayush Agarwal, Snabbit connects households with trained professionals for on-demand home services like cleaning, dishwashing, and laundry. Experts can be booked by the hour and arrive within 10 minutes. The platform currently hosts over 600 professionals, doubling monthly, according to Agarwal. Following the allotment of the new round, Nexus Venture Partners and Elevation Capital will hold 23.69% and 19.92% stake, respectively, while new investor Lightspeed will own 13.75%. Founder Aayush Agarwal will retain a 36.08% stake in the company. The Mumbai-based company has raised over $25 million across 3 rounds including $5.5 million in Series A round led by Elevation and Nexus earlier this year. Snabbit directly competes with the industry leader Urban Company which recently filed its Draft Red Herring Prospectus (DRHP) with SEBI for a Rs 1,900 crore initial public offer (IPO) and also entered into quick commerce with the launch of 15-minute maid booking service, “Insta Help”. Snabbit also competes with another 10-minute house help service startup, Pronto which raised $2 million from Bain Capital at a valuation of $12.5 million.

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