Urban Co., India’s and UAE’s largest tech-enabled home services marketplace has raised $ 190 million from investors led by Prosus (formerly Naspers). The funding has raised the valuation of the Gurugram-based company to over $ 2 billion. In 2019, the firm was valued at $ 933 million following a funding round led by Tiger Global. The urban company has now become a unicorn, a startup valued at more than $ 1 billion.
The urban company has allocated 2,163 equity shares of Rs 1 each at a premium of Rs 2,65,552.10 and 50,490 Series F compulsorily convertible cumulative preference shares (Series F CCPS) each for Rs. 10 on a preferential basis, for a total of 1,410.2 million, or $ 190 million, regulatory documents from business intelligence platform Tofler showed.
Founded in November 2014 by Abhiraj Bhal, Varun Khaitan and Raghav Chandra, Urban Company (formerly UrbanClap) is the largest domestic services company in India and the UAE. It provides services such as beauty and spa, cleaning, plumbing, carpentry, appliance repair, and painting at home through its mobile app and website.
It has a partner network of over 30,000 hand-picked service professionals and operates in 18 cities in India, in addition to four international markets in Dubai, Abu Dhabi, Sydney, and Singapore. The urban company is supported by investors like Excel Partners, Ratan Tata, and Flipkart CEO Kalyan Krishnamurthy.
India is fast emerging as a startup nation. In almost a decade, the Indian startup ecosystem has become the third-largest start hub in the world after the US and China. According to management consulting firm Praxis Global Alliance, a prosperous and vibrant startup ecosystem is working with domestic and global investors to boost the investment climate in India.
According to regulatory documents, the Urban Company saw its total income almost double from Rs 263.07 crore in FY 2020 to Rs 132.04 crore in FY 2020. Its loss in FY 2020 was Rs 155.17 crore, while in the last financial year there was a loss of Rs 78.48 crore.
