The shareholders have given their approval for Urban Company, a home services marketplace, to raise Rs. 528 crore, or roughly $60.6 million, in primary capital for its first public offering (IPO).
According to a regulatory filing obtained from the Registrar of Companies (RoC), the board of Urban Company has approved the raising of the aforementioned amount as main capital, with investors' permission.
This comes one month after Urban corporation changed its name from "Urbancalp Technologies India Private Limited" to "Urbanclap Technologies India Limited" and became a public corporation.
According to insiders, the Abhiraj Bhal-led company would shortly submit its draft red herring prospectus to the Securities and Exchange Board of India (SEBI).
Together with a $255 million Series F round in 2021, Urban Company has raised nearly $450 million to date. The Tiger Global-supported business also closed a $63 million secondary round last year, valuing it at $2.2 billion. Accel is the biggest external stakeholder, followed by VY Capital and Elevation.
Users looking for a variety of at-home services, such as painting, repair, cleaning and pest control, home maintenance, beauty, and grooming, are connected to qualified and experienced specialists through Urban Company. With a network of 55,000 service experts, Urban Company works in over 60 cities across Singapore, the United Arab Emirates, and India.
The Gurugram-based business recorded a 30% year-over-year increase in operational income to Rs. 827 crore for the fiscal year that ended in March 2024, while reducing losses by 70% to Rs. 93 crore in the same time frame.
