Urban Company raises fund of $188M and becomes the 12th unicorn of 2021

ISN Webteam
28 Apr 2021
Urban Company raises fund of $188M and becomes the 12th unicorn of 2021

  • Urban Company has become the 12th Unicorn in 2021.
  • It is one among the huge number of web new companies to profit from the COVID-19 pandemic

The Urban company is one of the biggest home administrations in Asia with a presence in India, UAE, Singapore, and Australia. As of now, Urban Company works in more than two dozen Indian urban areas alongside global tasks in Sydney, Singapore, Abu Dhabi, Dubai, and Riyadh. It professes to have more than 25,000 experts on its foundation serving around 5 million clients.

Gurugram-based hyperlocal specialist co-op Urban Company is the newest company to the line startup to join the unicorn club, as the organization is supposed to be considered at $2 Bn in its most recent $188 Mn Series F financing round.

The most recent venture was driven by Prosus. The distribution makes the Urban Company India's most recent unicorn—private firms esteemed at a billion dollars or more—and the twelfth of 2021. In 2020 India made 11 unicorns in all.

The two new financial backers DF International and Wellington Management likewise partook in the round alongside existing financial backers like Steadview Capital, Vy Capital, and Tiger Global Management.

The Gurugram-based Urban Company is among a huge number of web new companies to profit from the COVID-19 pandemic, as individuals utilized its application-based administrations for hairstyle, massages, housekeeping, gadgets fix, and vermin control.

One of the modest bunch of organizations that have stayed a hot suggestion for top-level financial backers since its origin in 2014, is Urban Company In the wake of fund-raising from Tiger Global, Vy Capital, and Steadview, the organization has recently raised nearly $190 million in another round driven by Prosus (Previously Naspers).

The Urban Company has designated 2,613 value shares and 50,490 Series F inclination shares at an issue cost of Rs 265,553.1 per offer to raise Rs 1,410.2 crore or $188 million,administrative filings show.

Prosus drove the round with Rs 464.53 crore or $61.93 million while the other two new financial backers – DF International and Wellington Management – have poured in $36.86 million and $33.2 million individually.

Urban Company has arrived at a post-cash valuation of nearly $2 billion, as indicated by Fintrackr's appraisals or Rs 14,615 crore. The Gurugram-based organization was esteemed at around $933 million in its last financing round in 2019.

Urban Company has become the twelfth Indian startup to transform into a unicorn in 2021 and the seventh in April. Up until now, Chargebee, Gupshup, ShareChat, Groww, PharmEasy, CRED and Meesho have entered the unicorn club this month.

Among its current financial backers,Tiger has contributed $14.74 million and Stead view Capital, Vy has contributed the most with $30.22 million.which partook in the new round that has emerged following 20 months, with $11.06 million.

Urban Company has raised more than $370 million across six institutional rounds. Accel, Ratan Tata, Elevation Capital (beforehand SAIF Partners), and Bessemer Venture Partners, adding the Series F round, are its different patrons.

Also Read: Masai School raises $5 million funding to expand its course offerings

Height Capital is the biggest partner in the organization with a 14.56% stake followed by Accel and Vy Capital with 14.40% and 12.66% stake individually. Following the subsidizing round, Urban Company's fellow benefactors, Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra have had their stake weakened to an aggregate portion of 24.66%.

Urban Company had multiplied its income to Rs 263 crore in FY20 from Rs 132.04 crore in FY19. Its misfortunes remained at Rs 155 crore during the year finishing March 2020. In spite of the pandemic, the organization is probably going to have shut FY21 with over Rs 400 crore in income in the last monetary (FY21). Its predominance could likewise be seen from its monetary presentation in FY20.

Throughout the long term, Urban Company has sidelined its opposition and arisen as the accepted pioneer in the once packed home help space with Amazon-supported Housejoy and Tiger's initial bet in the fragment LocalOye.

Follow IndianStartupNews on FacebookInstagramTwitter for the latest updates from the startup ecosystem.