Series A Round Led by Elevation Capital with Notable Investor Participation
Mumbai-based on-demand quick service platform Snabbit has successfully raised $5.5 million (approximately INR 47.6 Crore) in a Series A funding round. The round was led by Elevation Capital, a prominent venture capital firm known for backing innovative startups. Existing investor Nexus Venture Partners also participated in the funding round, which saw support from a range of high-profile angel investors, including Vidit Aatrey and Sanjeev Barnwal (cofounders of Meesho), Gaurav Munjal (cofounder of Unacademy), and Niraj Singh (founder of Spinny).
The new investment will be instrumental in Snabbit’s efforts to scale its business and improve its service offerings. With the funds, the company plans to strengthen its position in Mumbai and expand its reach within the city, while also focusing on customer acquisition and market penetration.
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Expanding Services and New Market Initiatives
Snabbit, which was founded by Aayush Agarwal—former chief of staff at Zepto—is an on-demand platform offering a wide range of domestic services. The services currently available through Snabbit include general cleaning, laundry, and other essential household tasks. As a quick service platform, Snabbit differentiates itself by providing convenience and high-quality service to customers in real-time.
The fresh capital will primarily be used for expanding Snabbit’s footprint by opening new micro-markets in Mumbai. Over the next six to nine months, the platform plans to enhance its service delivery model by launching additional locations, enabling it to serve more customers across different parts of the city. By tapping into these micro-markets, Snabbit aims to offer its services to a larger, untapped customer base, significantly increasing its reach and growth potential.
Founder’s Vision and Business Growth Strategy
Aayush Agarwal, the founder and CEO of Snabbit, emphasized that the funding will be key to driving the company’s growth trajectory in both the short and long term. The vision for Snabbit is to build a platform that provides everyday services with ease, efficiency, and reliability. By leveraging technology, Snabbit aims to streamline household chores, making them accessible and hassle-free for busy individuals and families.
Agarwal’s leadership in Snabbit is shaped by his experience at Zepto, where he gained insights into managing rapid growth and optimizing on-demand services. His focus on customer-centric solutions and a seamless user experience is reflected in Snabbit’s ongoing improvements to its platform, ensuring high standards of service and satisfaction.
Support from Industry Leaders and Investor Confidence
The backing of notable investors further underscores Snabbit’s potential to succeed in the competitive on-demand services market. The angel investors who participated in the round bring with them invaluable industry expertise and mentorship. Vidit Aatrey and Sanjeev Barnwal, cofounders of Meesho, have a deep understanding of e-commerce and digital platforms, while Gaurav Munjal’s experience in education tech and Niraj Singh’s background in the used car industry provide Snabbit with a broad range of strategic insights.
The funding round highlights investor confidence in Snabbit’s business model and its ability to scale within the quick services space. The combination of a strong leadership team, innovative approach, and growing demand for on-demand services in urban areas positions Snabbit well for future success.
Looking Ahead: A Focus on Customer Acquisition and Retention
As Snabbit embarks on its next phase of growth, the company will be placing a strong emphasis on customer acquisition and retention. By diversifying its service offerings and reaching new customers through micro-market expansion, Snabbit aims to build a loyal user base that values convenience and efficiency. With the new funding, Snabbit is poised to accelerate its growth and continue revolutionizing the domestic services sector in India.
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