Built Business Tough

Urban Company raises $190 mn at $2-bn valuation, joins unicorn club

Urban Company, India and UAE’s most significant tech-enabled dwelling solutions market, has elevated $a hundred ninety million from investors led by Prosus (formerly Naspers). The funding has extra than doubled the Gurugram-primarily based company’s valuation to $2 billion. In 2019, the organization was valued at $933 million immediately after a funding round, led by Tiger International. Urban Company has now turn out to be a unicorn, a startup valued at extra than $one billion.

Urban Company has allotted 2,163 equity shares of Rs one every at a premium of Rs 2,65,552.10 every and 50,490 Sequence F compulsorily convertible cumulative choice shares (Sequence F CCPS) of Rs 10 every at a premium of Rs 2,65,543.10 every in the firm on a preferential basis, aggregating to Rs one,410.2 crore or $a hundred ninety million, display regulatory files sourced from the company intelligence platform Tofler.

Other than Prosus, the other investors contain DF Worldwide and Wellington Management.

Launched in November 2014 by Abhiraj Bhal, Varun Khaitan and Raghav Chandra, Urban Company (formerly UrbanClap) is the most significant dwelling solutions firm in India and the UAE. It delivers solutions like natural beauty and spa at dwelling, cleansing, plumbing, carpentry, appliance mend and painting by means of its cell application and web-site.

It has a companion network of more than 30,000 hand-picked assistance professionals and operates in eighteen cities of India, besides 4 international markets of Dubai, Abu Dhabi, Sydney and Singapore.

Urban Company is also backed by investors this sort of as Accel Associates, Ratan Tata, and Flipkart CEO Kalyan Krishnamurthy.

India is rapidly rising as a startup country. In around a decade, the Indian startup ecosystem has scaled to turn out to be the 3rd-most significant start off hub in the environment followed by the US and China. The affluent and vivid startup ecosystem is working to raise the investment natural environment in India both from domestic and world investors, according to administration consulting organization Praxis International Alliance.

Urban Company has turn out to be the thirteenth Indian startup to turn out to be a unicorn in 2021. Some of these firms contain Chargebee, Gupshup, ShareChat, Groww, Pharmeasy, Cred and Meesho.

Urban Company noticed its complete money pretty much doubling to Rs 263.07 crore in the economic calendar year 2020 from Rs 132.04 crore in the economic calendar year 2019, according to the regulatory files. Its decline was at Rs a hundred and fifty five.17 crore in the economic calendar year 2020 as against a decline of Rs seventy eight.48 crore in the preceding fiscal.

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