Snabbit matches InstaHelp on NTV, burns Rs 32 Cr less
Snabbit reported Rs 72 Cr of net transaction value in Q2 FY27 against Rs 71 Cr for Urban Company's InstaHelp, on a burn of Rs 142 Cr versus InstaHelp's Rs 174 Cr adjusted EBITDA loss. The two burn figures do not sit on the same accounting basis.
- Snabbit's NTV, burn and 6.4 million orders come from a co-founder's LinkedIn post. InstaHelp's come from Urban Company's unaudited NSE filing, which disclosed net order value of Rs 114 on 6.2 million orders, not an NTV line.
- Entrackr states the burn figures may not be comparable unless both use the same accounting measure, and defines neither NTV nor what the adjusted EBITDA excludes.
- InstaHelp's Rs 174 Cr adjusted EBITDA loss on Rs 20.37 Cr revenue is 8.5 times revenue, improved from 12 times in Q1 FY27.
- Net order value fell on both sides, InstaHelp from Rs 138 to Rs 114, so the NTV match arrived with price compression, not pricing power.
Snabbit recorded net transaction value of Rs 72 crore in Q2 FY27 against Rs 71 crore for Urban Company’s InstaHelp, on a burn of Rs 142 crore versus InstaHelp’s adjusted EBITDA loss of Rs 174 crore. Entrackr puts the gap at Rs 32 crore. That subtraction checks out against both stated figures.
Read the sourcing before the headline. Snabbit’s NTV, burn and 6.4 million order count all come from co-founder Ayush Agarwal’s LinkedIn post. InstaHelp’s come from Urban Company’s unaudited results filed with the NSE, and what Urban Company actually disclosed was net order value of Rs 114 on 6.2 million orders. Multiply those out and you get Rs 70.7 crore, so the Rs 71 crore is derived, not a reported NTV line. Entrackr says plainly that the burn figures may not be directly comparable unless they use the same accounting measure. It defines NTV for neither company and does not say what Snabbit’s burn or InstaHelp’s adjusted EBITDA excludes. Treat the NTV match as directionally real and the burn gap as unproven.
The ratio is the number that travels. Rs 174 crore of adjusted EBITDA loss on Rs 20.37 crore of revenue is 8.5 times revenue. That is better than Q1 FY27, when the same two lines were Rs 132 crore on Rs 11 crore, or 12 times. Both sides are paying for the growth in price. InstaHelp’s net order value fell from Rs 138 in Q1 to Rs 114, which the company attributes to competition and introductory pricing. Snabbit’s Rs 72 crore across 6.4 million orders divides to Rs 112.5, against the Rs 130 plus it reported in Q1. Volume moved from about 4 million core jobs in Q1 to 6.4 million orders, though the two labels are not the same measure.
Snabbit’s FY26 RoC filing shows Rs 12.25 crore of operating revenue and a Rs 168 crore net loss. The company claims 75X growth in daily jobs; its own stated endpoints, roughly 500 to 35,000, give 70X. UBS has the parent compounding NTV 32 per cent a year to FY29, and core NTV grew 29 per cent in Q1. If this reads like quick commerce unit economics repeating, the burn rate management question is whose balance sheet funds the discount, and burn per job is the line to watch.
Zane’s analysis draws on original reporting by Entrackr. Read the original report.