Hotline: 1800 102 2007
Hotline: 1800 102 2007
Apr, 24 2017

​UrbanClap gets Rs.20 crore funds from Trifecta Capital

UrbanClap allotted equity through some compulsory convertible preference shares to Trifecta for Rs 2 crore, according to the company's filings with the Registrar of Companies.

​UrbanClap gets Rs.20 crore funds from Trifecta Capital

Home services marketplace UrbanClap has raised Rs 20 crore in debt funding from venture debt firm Trifecta Capital through non-convertible debentures.

The startup also allotted equity through some compulsory convertible preference shares to Trifecta for Rs 2 crore, according to the company's filings with the Registrar of Companies.

NCDs are unsecured bonds that cannot be converted to company equity or stock, and usually have higher interest rates than convertible debentures, which can be converted into stock.

Venture debt has become a popular means for startups to raise capital especially during the cash crunch over the past year.

Trifecta is among the top venture debt firms in the country, along with IntelleG row and InnoVen Capital, and has invested in several startups such as BigBasket, Rivigo and Urban Ladder.

Rahul Khanna, Managing Partner, Trifecta Capital, said, "We are very focused on identifying category leaders."

The venture debt firm has so far committed Rs 300 crore to 21 startups in the last 18 months through its Trifecta Venture Debt Fund I, the target corpus for which is Rs 500 crore, Khanna said.

UrbanClap recently tied up with tech giant Google which recently entered the space in India with Areo, an app which aggregates home services and food delivery services.

The startup has raised over $35 million from investors such as Bessemer Venture Partners, Saif Partners, Accel Partners, as well as angel investors Ratan Tata, Snapdeal founders Kunal Bahl and Rohit Bansal.

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