Urban Company reports 45% YoY jump in revenue; losses reduced by 59% to Rs 308 crore

At a time when elite startups have started focusing on achieving profitability, Urban Company, which operates an online home service marketplace in India and other international markets, has reported a significant reduction in losses while maintaining revenue growth.

The company has reported a 45% year-on-year growth in revenue from operations, from Rs 438 crore in FY22 to Rs 637 crore in FY23, while reducing its losses by near-to-half from Rs 514 crore to Rs 308 crore in the last fiscal.

Urban Company says the growth was followed by its investments in service quality, partner training and enablement, innovations, brand building and technology development.

It's worth mentioning that 90% of UC's revenue comes from the Indian market, while the rest comes from the international market, including the USA, UAE, Singapore, and KSA (Jeddah and Riyadh).

The company adjusted EBITDA loss was reduced from Rs 377 crore to Rs 297 crore. This comes after the UC onboarded three independent board members, Dr Ashish Gupta (co-founder of Helion Advisors), Ms Ireena Vittal (former partner at McKinsey & Co.) and Mr Shyamal Mukherjee (former Chairman of PwC India).

Talking about the company's Q1 numbers of the current fiscal, Urban Company's India business broke even on an adjusted EBITDA basis with negative working capital.

In Q1 of FY24, UC reported net revenue of Rs 204 crore while the losses stood at Rs 29 crore.

Urban Company is backed by investors, including Vy Capital, Wellington Management, Dragoneer Investment Group, DF International Partners, Steadview Capital, Prosus, and Tiger Global, among others.

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