MUMBAI: Urban Company, a home services platform, INRInitial public offerings (IPOs) are expected to total 3 billion by the end of the March quarter, three people familiar with the matter said. The Prosus-backed company has already appointed Kotak Mahindra Capital, Goldman Sachs and Morgan Stanley to manage the IPO, people said.
The company has a final valuation of $2.1 billion as of June 2021, and plans to issue new and existing shares in the IPO, the people cited above said on condition of anonymity.
“A bank has been appointed and a draft document is expected to be submitted by the end of this quarter,” one of the people said, adding, “The company plans to primarily raise primary capital.” .
funding
In June 2021, the Gurugram-based company raised $255 million in a Series F funding round led by investors including Prosus, Dragoneer, and Wellington Management. Other major investors in the company include Vy Capital, Tiger Global and Steadview Capital.
The company initially considered filing for an IPO in 2021, but later scrapped those plans. In 2022, the company hired four independent directors – Ashish Gupta, Irina Vitthal, Deepinder Goyal and Shyamal Mukherjee – to strengthen its board ahead of a potential listing.
In August 2024, Mint first reported on plans for some of Urban Company’s early-stage investors to cash out ahead of the IPO as part of a capitalization readjustment.
Spokespeople for Urban Company, Kotak Mahindra Capital and Morgan Stanley did not respond to emailed inquiries. A Goldman Sachs spokeswoman declined to comment.
Founded in 2014 by Raghav Chandra, Abhiraj Singh Bahl and Varun Khaitan, the company is a technology marketplace for home services such as beauty and spa, cleaning, plumbing and appliance repair, and last year We have also entered branded home appliances, with a lineup of water purifiers. It has operations in over 50 cities in India as well as international locations such as UAE, Singapore and Saudi Arabia.
Urban Company Financial Performance
Urban Company’s consolidated sales will increase by approximately 30% year-on-year in fiscal 2024. INRPre-tax loss of $827 million, down from $827 million. INR312 million from FY23 INR93 billion yen in FY2014. Consolidated sales for the first quarter of 2025 are: INRProfit before tax was 281 million, an increase of 37.3% from the previous year. INR12 billion.
Last year, India-focused investment firm Darana Capital bought the equivalent of 1 million shares. INRInvested $400 million ($50 million) in Urban Company from employees and other shareholders. They allowed some of the early investors, including Titan Capital, founded by Kunal Bahl and Rohit Bansal, to exit. Titan Capital posted nearly 200x return over nine years of Seed Check. INR5.7 million.
