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Urban Company secures $190 million, turns unicorn with new funding

SaaS platform Locobuzz gets Rs 9 Cr in pre-Series A funding from SIDBI Venture

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Urban Company secures $190 million, turns unicorn with new funding

Home services marketplace Urban Company has secured $190 million from investors led by Prosus (formerly Naspers). The funding has more than doubled the Gurugram-based company’s valuation to $2 billion. In 2019, the firm was valued at $933 million after a funding round, led by Tiger Global. The company did not offer any comments on the latest funding and the valuation.

With this, Urban Company has become the 12th unicorn in 2021.  Some of these firms include Chargebee, Gupshup, ShareChat, Groww, Pharmeasy, Cred and Meesho. The latest funding exercise saw the participation from Prosus Ventures (earlier Naspers), Tiger Global via its funds Internet Fund V, along with Wellington management and DF Capital. According to the filings, Prosus has invested $61.93 million, DF International $37 million, and Wellington Management $33.2 million, giving them a 3.18%, 1.90% and 1.7% stake, respectively.

The deal more than doubles the company’s valuation to $2 billion. In its last funding round, led by Tiger Global in 2019, it was valued at $933 million. The documents show Urban Company allotted 2,613 equity shares and 50,490 Series F preference shares at an issue price of Rs 265,553.1 a piece to raise around $190 million (Rs 1,410.2 crore). News website Entrackr was the first to report the story. Urban Company is also backed by investors such as Accel Partners, Ratan Tata, and Flipkart CEO Kalyan Krishnamurthy.

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Founded in 2014, the startup is a home services provider with a presence across India. It has a partner network of over 30,000 hand-picked service professionals offering services such as beauty and spa at home, cleaning, plumbing, carpentry, appliance repair, painting, etc. through its mobile app and website. It operates in 18 cities in India. It has also expanded into international markets such as Australia, Singapore, Dubai and Abu Dhabi. The company has a partner network of over 30,000 service professionals. Urban Company saw its total income almost doubling to Rs 263.07 crore in the financial year 2020 from Rs 132.04 crore in the financial year 2019, according to the regulatory documents



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