In April 2015, Sulekha.com, a prominent digital platform connecting users with local service providers, secured a Series C funding of ₹175 crore (approximately $28 million) from Singapore’s sovereign wealth fund GIC and venture capital firm Norwest Venture Partners (NVP).
Sulekha Management Team
Satya Prabhakar, Founder and CEO of Sulekha.com, said, “This investment by GIC and Norwest is a powerful endorsement of the vast potential of the local services opportunity in India and Sulekha’s ability to prosecute it successfully. Sulekha has cultivated deep expertise and built a sophisticated platform in 800+ local service categories including home/office services, coaching/training, health/lifestyle and property/rentals. Sulekha’s large base of user and businesses, unique IP, vast operational footprint, plus rapid migration to mobile are transforming the local services market.”
Investor Comments
Promod Haque, Senior Managing Partner of Norwest Venture Partners, said, “Sulekha’s innovative digital platform allows users to fulfil their needs while providing a highly targeted and affordable avenue for small businesses to secure customers. Less than 10% of local businesses in India have ever advertised according to recent estimates. Sulekha is seizing an enormous opportunity in transforming how businesses find local customers and grow and we look forward to significant scale ahead.” Added Parameswaran, “It is great to have Promod’s ongoing participation during this time as we seek to capture this largely untapped opportunity.”
This investment aimed to bolster Sulekha’s technological capabilities, enhance branding efforts, and expand its presence into tier II cities across India. At that time, about 80% of Sulekha’s revenues originated from the top 15 cities, and the company planned to extend its reach to 40-50 cities within 18 months.
Prior to this funding round, Sulekha had raised approximately ₹100 crore through two rounds of funding from investors including Indigo Monsoon, Mitsui & Co, and NVP.
Founded in 2007 and headquartered in Chennai, Tamil Nadu, Sulekha has evolved into one of India’s largest services platforms, offering over 800 local service categories and connecting millions of users with a vast network of service providers.
This strategic investment from GIC and NVP underscored the significant potential of the local services market in India and supported Sulekha’s mission to enhance its technological infrastructure, brand presence, and geographical footprint.