Urban Company becomes latest Unicorn of 2021 after $199 Mn Series-F led by Prosus

Urban Company

Indian Home Gig Marketplace & service provider Urban Company(UC) has become the latest and 12th entrant into the elite club of Unicorns for 2021. The startup has raised $188 Mn in a Series F round led by Prosus.

At an issue price of INR 265,553.1 per share, UC has allotted 2,613 equity shares to raise INR 1,410.2 Cr ($188 Mn) of which prosus ventures invested about $61.93 Mn followed by DF International ($36.86 Mn) and Wellington Management ($33.2 Mn). The round valued Urban Company at $2 Bn, giving it access to the unicorn club.

UC has raised over $370 million to date and has always been investors interest. Tiger Global, Steadview Capital, Vy Capital are the existing investors with the company. However, the company has denied commenting on the Unicorn valuation following the series F round, the Series-E valuation of Urban Company stood at $933 million in which it has raised $75 million.

Formerly named Urban Clap, Urban Company is founded in 2014 by Abhiraj Bahl, Raghav Chandra, and Varun Khaitan. The company offers home services and gigs such as beauty and massage, appliance repair, plumbing, carpentry, cleaning, and painting.

It is currently operational in 10 Indian cities which include all Tier-I and few Tier-II cities. Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi NCR, Hyderabad, Jaipur, Kolkata, Mumbai, Pune are few Indian cities along with four international markets Australia, Singapore, Dubai and Abu Dhabi.

After renaming the company as Urban Company, the company also rebranded its various verticals and made them its sub-brands. Urban Beauty – the women-focused beauty brand, Urban Grooming – Men’s grooming brand, Urban Spa – at-home massages & spa. While the other home services & repairs are designated under self-explanatory Urban Cleaning, Urban Repairs, Urban Painting sub-brands.

Urban Company is also sought to be one of the best workplaces for gig economy workers. It was rated by Faiwork India in 2020 at 8 out of 10 whereas Zomato, Swiggy was rated at 1 out of 10. The company employs over 30K home service partners, with over 10K beauty and grooming service providers.

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