5 Key Takeaways
- Snabbit posted an FY26 net loss of Rs 167.75 crore on operating revenue of Rs 12.25 crore, with total expenses of Rs 194.76 crore.
- It scaled rapidly from about 500 daily jobs across 8 micro-markets to a 35,000 daily-jobs run rate across more than 100 micro-markets, a 75X increase, while acquiring nearly 1 million customers and onboarding over 20,000 Experts.
- Snabbit raised Rs 427.8 crore during FY26 and closed with about Rs 319 crore in cash and investments, zero borrowings, and net worth of Rs 312.4 crore, giving it a capital buffer but finite runway.
- It operates in a heavily funded competitive market with Urban Company’s Insta Help and Pronto, where order volumes are close and collective cash burn is high.
- Management describes the losses as deliberate investment ahead of scale and says the path forward depends on improving unit economics, operating leverage, and network density.
Snabbit’s First Full Year: Rs 167.75 Crore Loss on Rs 12.25 Crore Revenue
Snabbit, a Bengaluru-based instant home-services startup, ended FY26 with a net loss of Rs 167.75 crore against operating revenue of Rs 12.25 crore. The company connects customers with service professionals for everyday tasks such as cleaning, dishwashing, and laundry. Its first full year of operations shows the heavy cost of building an on-demand services category from scratch. The result is a stark reminder that rapid order growth does not automatically translate into financial sustainability.
Snabbit was founded in 2024 and began operations in August of that year. It is operated by Maestroedge Solutions Private Limited. Because FY26 was its first full financial year, there is only a small base of comparison from FY25. In FY25, the company reported revenue of Rs 26.35 lakh and a net loss of Rs 5.70 crore. The jump in scale between the two years is significant.
Total expenses in FY26 rose to Rs 194.76 crore from Rs 6.81 crore a year earlier. Employee benefits accounted for Rs 46.02 crore. Service costs stood at Rs 63.07 crore. Other expenses were the largest single cost head at Rs 84.66 crore, and depreciation added Rs 1.02 crore.
The company’s total income was Rs 27.01 crore, including Rs 14.77 crore in other income. Operating revenue covers income from the core business, while other income includes earnings outside that core activity. Snabbit reported a loss before tax of Rs 167.75 crore, with no current or deferred tax expense. The filings, sourced via TheKredible, were submitted to the Registrar of Companies.
Aayush Agarwal, Founder and CEO of Snabbit, described the results as a deliberate investment choice.
“FY26 was our first full year of operations, and we made a deliberate choice to invest ahead of scale to build a category, not just a company,” Agarwal said.
He explained that the company entered the year at approximately 500 jobs a day across 8 micro-markets. By the end of the year, it had reached a run rate of 35,000 daily jobs across more than 100 micro-markets.
That is a 75X increase in twelve months. Agarwal said the company acquired nearly a million customers during this period and onboarded over 20,000 Experts.
“During this period, we acquired nearly a million customers, onboarded over 20,000 Experts, and built the technology, infrastructure and leadership capabilities required to support this scale,” he added.
In this context, micro-markets are small, locally defined service areas that allow quick matching of customers and service providers.
Agarwal also highlighted the company’s funding and balance-sheet position.
“We raised ₹427.8 crore during the year and closed FY26 with approximately ₹319 crore in cash and investments, zero borrowings and a net worth of ₹312.4 crore,” he said.
Those figures suggest Snabbit still has a significant capital buffer, but the pace of spending means the runway is finite.
Snabbit has attracted substantial investor interest. In April, the startup raised $56 million in a Series D funding round. The round was co-led by Susquehanna Venture Capital (SIG), Mirae Asset Venture Investments, and existing backer Unicorn Growth Fund. Existing investors Nexus Venture Partners and Lightspeed also participated, while FJ Labs joined as a new investor. The round took Snabbit’s total capital raised to more than $112 million, or over Rs 1,000 crore, across five funding rounds.
The company was valued at around $350 million to $400 million in the latest round. The fresh capital was intended to support expansion into new cities, deeper penetration in existing markets, and investments in technology and operational infrastructure. These are capital-intensive goals. Building a dense network of service professionals and convincing customers to try a new platform often requires discounts, marketing, and operational subsidies.
Agarwal said the FY26 numbers do not yet reflect the business’s longer-term economics.
“Given the pace of growth and the investments required to build this category from the ground up, FY26 financials do not fully reflect the underlying economics or the maturity of the business today,” he said. “As we continue to scale, the benefits of operating leverage, improving unit economics and increasing network density are becoming increasingly evident.”
Operating leverage refers to the idea that fixed costs spread over more orders, and unit economics refers to the profit or loss on each individual job.
Snabbit operates in a crowded and well-funded market. Its main competitors are Urban Company’s Insta Help and General Catalyst-backed Pronto. The platforms are racing to build customer demand and service-provider density while managing fulfilment costs. Moneycontrol reported in July that the three players collectively burnt around Rs 150 crore in June as they prioritised customer acquisition and market share. The term “burn” refers to cash spent beyond revenue, often used to measure how quickly a startup is using its capital.
The race for order volumes remains close. Snabbit completed around 1.85 million orders in July. Urban Company’s Insta Help recorded approximately 1.9 million orders in the same month. Pronto crossed 1.25 million orders during the month, according to figures reported by Moneycontrol. These figures show how tightly contested the top spot is.
Urban Company has indicated that losses in Insta Help will remain elevated as it prioritises market leadership. The listed home-services platform is also considering a fresh fundraise of around $200 million through a qualified institutional placement (QIP), among other routes. A QIP is a method for listed companies to raise capital from institutional investors. Moneycontrol reported the proposal on October 13.
Urban Company’s board was scheduled to consider the proposal on October 16. The final amount and fundraising route will depend on the board’s decision and applicable approvals. Urban Company has not disclosed how the proceeds would be used. The proposed fundraise comes as Insta Help competes with Snabbit and Pronto to build scale in a category that requires heavy investment in service-provider availability, customer acquisition, and operational infrastructure.
Pronto has also raised more money. In May, the company raised a $20 million extension to its Series B round, taking the total funding in that round to $45 million. The capital inflows across Snabbit, Insta Help, and Pronto suggest investors are willing to fund the race for market share, even as losses mount.
For Snabbit, the path ahead is clear but difficult. The company must translate its rapid expansion and order growth into higher operating revenue while bringing costs under control. Its ability to improve unit economics will determine whether the current pace of spending can continue. The next few quarters will show whether the investments made in FY26 begin to produce a more sustainable financial picture.
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