Urban Company raises $255 million, valuation crosses $2.1 billion

On-demand dwelling companies supplier Urban Company on Wednesday stated it has raised USD 255 million (about Rs 1,857 crore) in funding led by Prosus Ventures, Dragoneer and Wellington Management, forward of its plans to launch an IPO within the subsequent two years.
The collection F spherical – which additionally noticed participation from Vy Capital, Tiger Global and Steadview – takes Urban Company’s valuation to USD 2.1 billion.
The newest spherical features a major capital infusion of USD 188 million and a secondary sale of roughly USD 67 million by choose angels and early traders, Urban Company CEO and co-founder Abhiraj Singh Bhal informed PTI.

He added that Urban Company has raised about USD 330 million in major capital until date.
Bhal stated the funds will likely be used in the direction of innovation, coaching, product growth, enhanced high quality management and security measures for each companions and customers.
Asked concerning the firm’s IPO plans, Bhal stated the corporate is on the trail. “…In the next 18 to 24 months, we are working towards that…we have applied towards each of those points, including being ready from an internal capability and compliance standpoint, having the right set of internal checks in place in terms of IPO readiness,” he stated.
He added that the corporate has a really clear path to breaking even within the brief time period.
“So, work has started on each of these elements. I think we need another 18 to 24 months…,” Bhal famous.
The firm additionally goals to extend its geographic footprint by getting into the highest 100 cities in India by 2022 and additional increasing into worldwide markets.
“With this funding, we plan to rapidly scale our business while continuing to invest further in the safety of our consumers and service partners, training of partners and product development… We will continue to penetrate existing markets while venturing into new overseas geographies,” Bhal stated.
Currently, Urban Company has greater than 35,000 service companions throughout 35 cities in India, the UAE, Singapore, Australia and the Kingdom of Saudi Arabia. The market provides a wide range of dwelling companies to customers throughout classes like magnificence and private care, cleansing companies, plumbing, carpentry and equipment repairs.
Bhal stated the corporate has additionally been focussed on upskilling and coaching its service companions. The variety of companions is about to develop in step with its growth into extra cities.
Talking concerning the influence of pandemic on enterprise, Bhal stated whereas there was vital influence initially however the scenario has modified now.
“After the lockdown was lifted last year, we saw momentum returning and double to pre-COVID levels. We expect strong growth momentum to continue as more people use our services while staying safe within their homes,” he added.
Bhal famous that the corporate has undertaken a lot of steps to make sure the protection of its companions, together with caring for their vaccination and offering security gear.

He added that over 50 per cent of its companions have already been vaccinated, and by June-end, this quantity is anticipated to go as much as 75-80 per cent.
Consumers can see the general vaccination charge together with the vaccination standing of the companion assigned after they e book a service.