On-demand home service provider Urban Company announced today that it has raised $ 255 million (roughly Rs.1857 crore) under the leadership of Prosus Ventures, Dragoneer and Wellington Management, ahead of its intention to launch an IPO in scholarship over the next two years.
Series F – which also saw participation from Vy Capital, Tiger Global and Steadview – brings Urban Company’s valuation to $ 2.1 billion.
The latest round includes a primary capital injection of $ 188 million and a secondary sale of around $ 67 million by selected angel investors and early investors, said Urban Company CEO and co-founder Abhiraj Singh Bhal.
“Urban Company strives to provide comfort and convenience at the doorstep of its consumers. Hence, it has become the preferred option for all home service needs. With this funding, we plan to grow our business rapidly while continuing to invest more in the safety of our consumers and service partners, partner training and product development, ”he added.
Founded in November 2014, Urban Company is a technology-based home services marketplace. The company offers services such as home beauty and spa, cleaning, plumbing, carpentry, appliance repair, painting, etc. through its mobile app and website. It operates in 35 cities in India, United Arab Emirates, Singapore. Australia and the Kingdom of Saudi Arabia, according to a company statement.
Currently, Urban Company has more than 35,000 service partners in 35 cities in India, United Arab Emirates, Singapore, Australia and the Kingdom of Saudi Arabia. The market offers a variety of home services to consumers in categories such as beauty and personal care, cleaning services, plumbing, carpentry, and appliance repairs.
The company also aims to grow its geographic footprint by entering the top 100 cities in India by 2022 and further expanding into international markets.
Bhal said the company has also focused on improving the skills and training of its service partners. The number of partners is set to grow alongside its expansion into more cities.
Speaking about the impact of the pandemic on businesses, Bhal said that while there was a significant impact initially, the situation has changed now.