Home services platform Urban Company is reportedly planning to file draft papers for its Rs 3,000 crore initial public offering (IPO) by March-end, Mint reported.
The report said that the company has hired Kotak Mahindra Capital, Goldman Sachs and Morgan Stanley to manage the IPO.
IPO to include new and existing shares
The report noted that Urban Company, which is headquartered in Gurugram, will issue new and existing shares in the IPO.
The company has raised over $500 million in funding from investors, including Vy Capital, Prosus Ventures, Wellington Management, Dragoneer Investment Group, DF International Partners, and Tiger Global Management, among others.
In April 2021, it achieved the unicorn status after raising around $190 million in funding at a valuation of $2 billion.
Urban Company's market presence
Currently, Urban Company operates in over 30 cities across India and has expanded to international markets such as Singapore and Saudi Arabia.
The platform, connecting gig workers with home services, sees an average of 2.2 million monthly orders with an average order value of Rs 1,290. It was founded by Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra.
For FY24, it reported operational revenue of Rs 827 crore, a 30% year-on-year increase from Rs 637 crore in FY23.