Urban Company is almost ready to hit the public markets. The home services startup has reportedly secured shareholder approval to raise Rs 528 crore in fresh capital through an initial public offering, according to filings with the Registrar of Companies (RoC).
This is a significant shift from the company’s earlier plans to raise close to Rs 3,000 crore. But with global markets wobbling and investor sentiment staying cautious, Urban Company has opted for a leaner raise—one that keeps momentum going without biting off more than the current climate can chew.
The IPO process is being handled by a heavyweight trio: Kotak Mahindra Capital, Goldman Sachs, and Morgan Stanley. If all goes as planned, a draft red herring prospectus will soon make its way to SEBI for review.
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In the lead-up to the public listing, the Gurugram-based firm recently changed its name—dropping the “Pvt. Ltd.” tag to become Urbanclap Technologies India Ltd., a legal move that brings it in line with listing norms.
From Homes to Headlines: Urban Company’s Journey So Far
Urban Company’s reach now spans over 60 cities across India and international markets like Singapore, the UAE, and Saudi Arabia. The platform helps users book everything from deep cleaning and appliance repair to beauty treatments and grooming, working with a network of around 55,000 trained professionals.
In FY24, the company posted operating revenue of Rs 827 crore, marking a 30% jump from the previous year. More importantly, it slashed its net losses by 70%, bringing the figure down to Rs 93 crore. The platform currently handles roughly 2.2 million orders a month, with an average service cost of around Rs 1,290.
Since its launch in 2014, Urban Company has pulled in over $450 million in funding, with a valuation hovering near $2.5 billion. Its biggest round came in 2021, when it raised $255 million from Prosus, Dragoneer, and others.
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More recently, the company has begun experimenting with a new vertical—Insta Maids, a quick-commerce-inspired service that lets users book help within 15 minutes, paid by the hour. It’s a move that signals Urban Company’s willingness to play on the edge of innovation while scaling its core business.
