Ratan Tata Invests in Services Firm UrbanClap

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Ratan Tata Invests in Services Firm UrbanClap
Leading multi-utility services provider UrbanClap on Thursday announced that Tata Sons chairman emeritus Ratan Tata had invested an unspecified amount in it in his personal capacity.

"Tata's personal investment in our unique start-up is a testament to the market opportunity and calibre of our team, which is building a valuable marketplace," the Gurgaon-based UrbanClap said in a statement in New Delhi.

As a marketplace to hire professionals for local services, the over-year-old startup offers about 80 types of services in six places - Bengaluru, Chennai, Hyderabad, Mumbai, Delhi NCR (National Capital Region) and Pune - across the country.

The enterprises enables customers to get services of various traders such as plumbers, electricians, carpenters, a beautician, a yoga trainer, a math tutor or a wedding photographer.

About 25,000 professionals in diverse occupations are registered with the firm, co-founded by Abhiraj Bhal, Varun Khaitan and Raghav Chandra in October 2014.

"We are well positioned to create thousands of jobs for service professionals and spawning a new breed of micro-entrepreneurs," the company claimed.

Prior to Tata investing, the company raised $25 million (roughly Rs. 167 crores) from venture funds led by Bessemer Venture Partners on November 19 in the second round and $10 million (roughly Rs. 67 crores) in first round from Accel, SAIF partners and e-tailer Snapdeal co-founders Rohit Bansal and Kunal Bahl.


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