India's gig work platform Snabbit has entered a new funding round aiming for a $400 million valuation after processing more than one million jobs in March. The company confirmed interest from multiple investors is driving the valuation push.
Snabbit operates in India's competitive gig economy space, connecting workers with short-term tasks such as delivery, logistics and local services. The platform expanded rapidly in the past year, adding 500,000 jobs between January and March alone. Its growth coincides with rising demand for flexible work arrangements in urban areas.
The funding round comes as India's gig economy attracts global attention. Competitors like Urban Company and Rapido have also raised significant capital recently. Snabbit's latest valuation reflects investor confidence in scalable models that meet demand for quick, on-demand services.
Company executives said the new funds will support expansion into smaller cities and technology upgrades. Snabbit employs around 20,000 full-time staff and partners with over 500,000 independent workers. The platform reported revenue growth of 40% in the last quarter.
Investors include Tiger Global and Sequoia Capital India, both active in the region's tech sector. The round remains open with no final terms disclosed.
Source: techcrunch.com