Urban Company secures USD 190 million in funding round led by Prosus

By Akshay Kedari  | Date: 2021-04-29

Urban Company secures USD 190 million in funding round led by Prosus

Urban Company, an Indian gig marketplace that provides home maintenance services, has secured USD 190 million in a funding round which was led by Prosus N.V. Other participants in the fundraising included companies such as Steadview Capital, Tiger Global, and Vy Capital.

The company’s valuation saw a 50% jump, reaching USD 2 billion during the deal. The previous funding round, which was led by Tiger Global in 2019, had valued Urban Company at USD 933 million.

This valuation leap has made Urban Company the latest Indian startup to enter the unicorn club. The company has raised a cumulative USD 370 million equity capital from investors through various rounds. Some of its early-stage investors include Bessemer India, Accel India, and Elevation Capital.

According to the regulatory filings, Prosus has invested around USD 61.93 million, followed by DF International, with an investment of USD 37 million, and Wellington Management invested USD 33.2 million, giving them stakes of 3.18%, 1.90%, and 1.7% respectively. 

Urban Company has allotted 2,613 equity shares as well as 50,490 Series F preference shares at a price of approx. USD 3585.43 apiece.

After the deal, co-founders Abhiraj Singh Bhal, Raghav Chandra, and Varun Khaitan will each own an 8.22% stake in the company. Meanwhile, Accel India will own a 14.40% stake, with Elevation Capital holding 14.56% of the company.

Incorporated in 2014, the Delhi-based company is a service provider for home maintenance & repair, as well as home beauty and wellness. Urban Company (formerly known as UrbanClap) had entered international markets such as Singapore, Australia, Dubai, and Abu Dhabi, after establishing its presence in India.

Urban Company disclosed revenue of around USD 29.2 million for the financial year 2020, up from just USD 14.3 million in FY19. The company reported USD 18.6 million in losses for FY20, its filings show.

Source Credit –

https://economictimes.indiatimes.com/tech/funding/urban-company-raises-190-million-joins-unicorn-club/articleshow/82273432.cms

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More >>

More News By Akshay Kedari

Fitbit faces privacy complaints in EU over alleged unlawful data exports

Fitbit faces privacy complaints in EU over alleged unlawful data exports

By Akshay Kedari

Fitbit, a Google company, is reportedly facing a series of privacy complaints within the European Union. These complaints revolve around allegations that the company is engaging in unlawful exporting of user data, thereby violating the EU's strin...

Social network X makes API changes impacting developers & enterprise clients

Social network X makes API changes impacting developers & enterprise clients

By Akshay Kedari

Social network X, previously known as Twitter, has reportedly unveiled more modifications that involve the retirement of certain legacy API endpoints. The company implemented adjustments to its API pricing in March, resulting in elevated costs for...

Zapata AI and IonQ joins hands to push boundaries of Generative AI

Zapata AI and IonQ joins hands to push boundaries of Generative AI

By Akshay Kedari

Zapata AI, a software enterprise dedicated to addressing intricate computational challenges, has reportedly unveiled a strategic partnership with IonQ, a leading figure in quantum computing hardware and commercial quantum application advancement. The...

Meta unveils AudioCraft for audio & music creation using Generative AI

Meta unveils AudioCraft for audio & music creation using Generative AI

By Akshay Kedari

The tech giant Meta has reportedly introduced AudioCraft, a framework capable of generating high-quality audio and music based on short text prompts. The AudioCraft framework aims to simplify the use of generative models for audio by providing a c...

GSK Pharma reports 11% surge in Q1 profit fueled by Vaccine Demand

GSK Pharma reports 11% surge in Q1 profit fueled by Vaccine Demand

By Akshay Kedari

GlaxoSmithKline Pharmaceuticals, the Indian arm of GSK plc based in the UK, reportedly recorded an 11% increase in its first-quarter profit, driven by robust demand for its vaccines. According to the company's statement, the consolidated profi...