Home services marketplace Urban Company has received shareholders’ approval to raise Rs 528 crore (approximately $60.6 million) in primary capital for its initial public offering (IPO).
The board of Urban Company has passed a special resolution approving the raise of the aforementioned sum as primary capital, with investors giving their consent, according to a regulatory filing accessed from the Registrar of Companies (RoC).
This development comes a month after Urban Company converted itself into a public company and changed its name from “Urbancalp Technologies India Private Limited” to “Urbanclap Technologies India Limited.” startupvichar exclusively reported this in February.
The Abhiraj Bhal-led firm will soon file for its draft red herring prospectus with the Securities and Exchange Board of India (SEBI), as per sources.
Urban company has raised over $450 million to date, including a $255 million Series F round in 2021. Last year, the Tiger Global-backed company also concluded a $63 million secondary round, where it was valued at $2.2 billion. As per the startup data intelligence platform TheKredible, Accel is the largest external stakeholder, followed by VY Capital and Elevation.
Urban Company connects skilled and experienced professionals with users seeking a range of at-home services, including repair, painting, cleaning and pest control, home maintenance, beauty, and grooming, among others. Urban Company operates in more than 60 cities across India, the UAE, and Singapore, with a network of 55,000 service professionals.
For the fiscal year ending March 2024, the Gurugram-based company reported 30% year-on-year growth in operating revenue to Rs 827 crore while cutting losses by 70% to Rs 93 crore during the same period.
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