urban company
urban company

Urban Company becomes India’s latest unicorn startup this week

After raising the funds of about 188 million USD from the series F funding round, the Gurugram based startup Urban Company became India’s latest company to enter the unicorn club earlier this week. Prosus led this investment round.

2,613 equity shares and 50,490 Series F preference shares have been allotted at an issue price of about 265,553.1 per share by the Urban company to raise about 188 million USD (1,410.2 rupees)

According to the report by Entracker the company is valued at an estimation of about 2 billion USD. Prosus started the investment round with a funding of about 61.93 million USD, whereas DF international and Wellington Management together contributed about 70 million USD. It was reported that DF International made an investment of about 3686 million USD and Wellington Management was reported to have invested about 33.2 million USD.

Brief about Urban Company

Urban Company was founded in 2014 by Abhiraj Bahl, Raghav Chandra, and Varun Khaitan. The company provides home services aiming on beauty, massage, appliance repair, carpentry, plumbing, painting, and cleaning.

Currently the company serves in major 10 cities of India which includes Ahmedabad, Chennai, Bangalore, Hyderabad, Mumbai, NCR, Delhi, Kolkata, Chandigarh and Pune. 

The startup has its reach in international markets too which includes countries like: Singapore, Dubai, Australia and Abu Dhabi.

Initially the company was named as Urban Clap, afterwards in 2020 they rebranded itself as Urban Company to cater International market.

Urban Company is backed by marquee investors such Tiger Global, Accel, and Elevation Capital (formerly known as SAIF Partners), among others. Ratan Tata and Kalyan Krishnamurthy are among the leading angel investors.

Urban Company joins the unicorn club becoming 12th unicorn from India which is having a $1 Billion valuation club.

Eight of these unicorns emerged in the month of April itself.

In March 2021, Urban Company Co-founder Varun Khaitan told PTI in an interview that it aims to onboard over 20,000 professionals on its platform this year to meet the strong growth in demand for various services post the lockdown. Currently, the company has more than 40,000 gig workers on its platform, of which over 35,000 are present in India. Of the total base of gig workers on the platform in India, more than one-third are women working as beauticians and massage therapists.