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

Bayer sells environmental science biz to Indian firm for $13.5 million

Bayer sells environmental science biz to Indian firm for $13.5 million

By Akshay Kedari

German multinational pharmaceutical and biotechnology company, Bayer CropScience recently stated that its board has given the go-ahead for selling its Environmental Science Business to 2022 ES Discovery India, a private Indian company. The deal wi...

Stockly to raise another $12M to expand its operations & employee base

Stockly to raise another $12M to expand its operations & employee base

By Akshay Kedari

French-based software startup, Stockly is reportedly raising another $12 million (€12 million) in a Series A round from Daphni, Eurazeo, and several other business angels. Apparently, the firm pools together the inventory of several e-commerc...

Alipay+ allies with Asian E-Wallets to boost cashless travel in South Korea

Alipay+ allies with Asian E-Wallets to boost cashless travel in South Korea

By Akshay Kedari

Amidst rising efforts for promoting cashless travel, prominent mobile payment providers in Asia have recently announced an integration of the cross-border digitalized payment solutions from Alipay+ in South Korea. With this move, users of e-wallet...

Seracle, Sumsub partner for offering enhanced KYC protocols and cybersecurity

Seracle, Sumsub partner for offering enhanced KYC protocols and cybersecurity

By Akshay Kedari

Sumsub will assist Seracle in building an innovative blockchain ecosystem Sumsub will offer enhanced security to Seracle at a time when losses due to cryptocurrency thefts have increased by about 60% to $1.9 billion Seracle, a global blockc...

CATL unveils new Module to Bracket tech for heavy-duty electric trucks

CATL unveils new Module to Bracket tech for heavy-duty electric trucks

By Akshay Kedari

CATL, a Chinese battery manufacturer and technology company, has reportedly introduced a new battery technology known as Module to Bracket (MTB) for heavy-duty electric trucks. As per reliable sources, the MTB technology deploys the battery module...