Urban Company has raised a fresh $188 million (Rs 1,410.16 crore) in funding from a clutch of investors led by Prosus Ventures (formerly Naspers), according to the company’s filings with the RoC sourced from organization intelligence platform Tofler.
The investment is understood to have valued the almost seven-year old start out-up at close to $2 billion, creating it the newest entrant to India’s uniorn club.
The corporation is believed to have hit a valuation of more than $900 million August 2019 when it raised about $75 million in a round of funding led by Tiger Global Management. With this, the tally of unicorns in the nation goes up to 12 so far this year. Urban Company did not comment on the funding.
In all, the corporation has raised close to $400 million from investors. The newest monetary round also saw participation from DF International Partners, Wellington Management, Tiger Global, Steadview Capital and Vy Capital.
The corporation operates an on-line marketplace for urban way of life services supplying a mobile application and a internet site for acquiring and hiring services such as home service and repair, beauty and wellness services, lessons and hobbies, occasion and wedding services, organization services, individual services.
With the pandemic restricting movement, the demand for such services has improved. The firm claims it has more than 5 million buyers and 25,000 educated pros registered on the platform. It operates in 30 cities, like locations like Patna, Raipur, Bhopal and Vijaywada and also in Abu Dhabi, Dubai, Riyadh, Sharjah, Singapore and Sydney.
The firm’s income from operations improved to Rs 218.64 crore in FY20 on a consolidated basis from Rs 108.96 crore in FY19. Total losses shot up to Rs 155.17 crore in FY20 from Rs 78.48 crore in the prior year.
Indian start out-ups have been on a fund-raising spree. Eleven startups like Meesho, ShareChat, Groww, Cred and PharmEasy turned unicorns earlier this year.