This year, the home services platform Urban Company is getting ready for its final initial public offering (IPO). By becoming a public organization, the corporation has made a big first step toward going public.
According to its regulatory filing, the board of OfBusiness has accepted a resolution to redesignate the company from "Urbancalp Technologies India Private Limited" to "Urbanclap Technologies India Limited," and to modify its status to that of a public company.
As per the reports, Urban Company has appointed Kotak Mahindra Bank, Goldman Sachs, and Morgan Stanley as its lead managers and plans to raise Rs 3,000 crore (about $350 million) through its IPO. By the end of March, it is probably going to submit draft IPO documents.
Prosus intends to raise its investment in the business prior to the IPO. According to reports, Prosus wants to spend $30 million (about Rs 250 crore) in a secondary purchase, which would enable Bessemer Venture Partners to partially exit the business.
In December 2021, the company lead by Abhiraj Bhal ended its most recent ESOP liquidity program at a $2.8 billion valuation. At a valuation of roughly $2.2 billion to $2.5 billion, it also finished a fresh buyback last year.
Tiger Global, Accel, Elevation Capital, and Dharana are among the investors that have contributed Rs 3,457.16 crore wich comes to about $450 million to Urban Company, according to startup data analytics platform TheKredible.
In India, the United Arab Emirates, Singapore, and Saudi Arabia, Urban Company has operations in over 60 cities. More than 55,000 carefully chosen service experts make up the company's partner network.
Urban Company's operating revenue increased by 30% year over year to Rs 827 crore for the fiscal year that ended in March 2024, from Rs 637 crore for FY23. In the previous fiscal year, the Gurugram-based business also claimed a 70% decrease in losses to Rs 93 crore.
