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Urban Company bags USD 255 Mn in Series F funding, now worth USD 2.1 Bn

Author : Pankaj Singh | Published Date : 2021-06-03 

Indian home services marketplace Urban Company has reportedly secured USD 255 million in a Series F funding round which was led by Prosus Ventures, Wellington Management, and Dragoneer. The round also saw participation from Vy Capital, Steadview, and Tiger Global, valuing the company around USD 2.1 billion. 

The co-founder and CEO of Urban Company, Abhiraj Singh Bhal, was quoted saying that the latest funding round involves a primary capital investment of USD 188 million with secondary sales of around USD 67 million by a few angels and early investors. He further added that the company has raised over USD 330 million in terms of primary capital to date.

Urban Company will utilize the funds towards innovation, product development, training, enhanced quality control, and adopting various safety measures for its partners as well as consumers, cited source close to the company.

It also aims to expand its service reach to the top 100 cities in India by 2022, further reinforcing its mark in the international markets. Presently, Urban Company has over 35,000 service partners across 35 Indian cities. On the other hand, it has operations in Singapore, Australia, the UAE, and the Kingdom of Saudi Arabia.

For those unaware, Urban Company specializes in offering a variety of services like cleaning services, beauty and personal care, carpentry, plumbing, and appliance repairs. Although the COVID-19 pandemic had impacted the business initially, the company has started making headways again as people are now more inclined towards using home services.

The Urban Company witnessed significant momentum when the lockdown restrictions were eased last year, doubling its revenue as compared to the pre-COVID levels.

The home services marketplace has also taken relevant steps to ensure the safety of its partners. Sources confirmed that around 50% of its partners have been vaccinated till now. Customers are also able to see the status of the partner’s vaccination while booking their service.

Source Credits:

https://www.business-standard.com/article/companies/urban-company-raises-255-million-valuation-crosses-2-1-billion-121060200358_1.html

 

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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