Urban Company raises $190 mn at $2-bn valuation, joins unicorn club

Truman Slate

City Company, India and UAE’s premier tech-enabled house solutions marketplace, has elevated $one hundred ninety million from traders led by Prosus (previously Naspers). The funding has additional than doubled the Gurugram-based company’s valuation to $2 billion. In 2019, the business was valued at $933 million after a funding round, led by Tiger World wide. City Company has now develop into a unicorn, a startup valued at additional than $1 billion.

City Company has allotted 2,163 fairness shares of Rs 1 each at a high quality of Rs 2,sixty five,552.10 each and fifty,490 Collection F compulsorily convertible cumulative choice shares (Collection F CCPS) of Rs 10 each at a high quality of Rs 2,sixty five,543.10 each in the business on a preferential foundation, aggregating to Rs 1,410.2 crore or $one hundred ninety million, demonstrate regulatory documents sourced from the small business intelligence system Tofler.

Apart from Prosus, the other traders contain DF International and Wellington Administration.

Started in November 2014 by Abhiraj Bhal, Varun Khaitan and Raghav Chandra, City Company (previously UrbanClap) is the premier house solutions business in India and the UAE. It provides solutions like elegance and spa at house, cleaning, plumbing, carpentry, equipment mend and painting by means of its mobile application and web-site.

It has a lover network of around thirty,000 hand-picked assistance experts and operates in eighteen towns of India, besides four international marketplaces of Dubai, Abu Dhabi, Sydney and Singapore.

City Company is also backed by traders such as Accel Companions, Ratan Tata, and Flipkart CEO Kalyan Krishnamurthy.

India is quick emerging as a startup nation. In close to a ten years, the Indian startup ecosystem has scaled to develop into the 3rd-premier start hub in the planet followed by the US and China. The affluent and lively startup ecosystem is doing the job to raise the investment natural environment in India both equally from domestic and worldwide traders, in accordance to administration consulting business Praxis World wide Alliance.

City Company has develop into the 13th Indian startup to develop into a unicorn in 2021. Some of these companies contain Chargebee, Gupshup, ShareChat, Groww, Pharmeasy, Cred and Meesho.

City Company noticed its complete money pretty much doubling to Rs 263.07 crore in the economical calendar year 2020 from Rs 132.04 crore in the economical calendar year 2019, in accordance to the regulatory documents. Its loss was at Rs 155.17 crore in the economical calendar year 2020 as from a loss of Rs seventy eight.forty eight crore in the former fiscal.

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