Synopsis
US investor Lachy Groom is in talks to invest $15-20 million in Pronto. This funding round values the instant househelp startup at $200 million. Pronto's valuation has doubled since its last raise in March. The sector is attracting significant investment due to rapid growth.Listen to this article in summarized format
The round will value Pronto at around $200 million valuation, which is double from its last raise that closed in March this year. Pronto raised $25 million at a $100 million valuation.
The fresh capital raise for Pronto, backed by the likes of Epiq Capital, General Catalyst and Bain Capital Ventures, comes at a time when the instant house help sector has been attracting risk capital on the back of rapid growth.
ET reported in March that Pronto's rival Snabbit is nearing a $50-60 million close led by South Korea's Mirae Asset Venture Investments.
Queries sent to Pronto and Lachy Groom did not elicit a response at the time of publishing.
According to a Morgan Stanley report, in the instant help services industry, Urban Company has the highest market share across monthly active users and daily active users metrics, but Pronto saw higher share month-on-month gains in March across these metrics and app download trends showing a heightened degree of aggression from privately held startups.
In March, Pronto had a 43% share in app downloads among the three players, followed by Urban Company at 31% and Snabbit at 26%, Morgan Stanley noted.
