June 21, 2024

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

Urban Enterprise, India and UAE’s largest tech-enabled house expert services market, has lifted $a hundred ninety million from traders led by Prosus (formerly Naspers). The funding has far more than doubled the Gurugram-centered company’s valuation to $2 billion. In 2019, the organization was valued at $933 million just after a funding spherical, led by Tiger World wide. Urban Enterprise has now turn into a unicorn, a startup valued at far more than $1 billion.

Urban Enterprise has allotted 2,163 equity shares of Rs 1 each at a high quality of Rs 2,sixty five,552.10 each and 50,490 Collection F compulsorily convertible cumulative preference shares (Collection F CCPS) of Rs 10 each at a high quality of Rs 2,sixty five,543.10 each in the corporation on a preferential basis, aggregating to Rs 1,410.2 crore or $a hundred ninety million, show regulatory documents sourced from the business enterprise intelligence system Tofler.

Other than Prosus, the other traders involve DF International and Wellington Administration.

Founded in November 2014 by Abhiraj Bhal, Varun Khaitan and Raghav Chandra, Urban Enterprise (formerly UrbanClap) is the largest house expert services corporation in India and the UAE. It offers expert services like magnificence and spa at house, cleaning, plumbing, carpentry, appliance maintenance and painting by its mobile app and site.

It has a associate network of in excess of thirty,000 hand-picked company specialists and operates in 18 cities of India, apart from four international marketplaces of Dubai, Abu Dhabi, Sydney and Singapore.

Urban Enterprise is also backed by traders these kinds of as Accel Companions, Ratan Tata, and Flipkart CEO Kalyan Krishnamurthy.

India is rapid rising as a startup nation. In about a ten years, the Indian startup ecosystem has scaled to turn into the third-largest begin hub in the environment adopted by the US and China. The prosperous and vibrant startup ecosystem is doing work to improve the financial commitment atmosphere in India each from domestic and world-wide traders, in accordance to management consulting organization Praxis World wide Alliance.

Urban Enterprise has turn into the thirteenth Indian startup to turn into a unicorn in 2021. Some of these firms involve Chargebee, Gupshup, ShareChat, Groww, Pharmeasy, Cred and Meesho.

Urban Enterprise observed its whole income pretty much doubling to Rs 263.07 crore in the monetary calendar year 2020 from Rs 132.04 crore in the monetary calendar year 2019, in accordance to the regulatory documents. Its loss was at Rs a hundred and fifty five.seventeen crore in the monetary calendar year 2020 as in opposition to a loss of Rs seventy eight.forty eight crore in the earlier fiscal.

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