Urban Company has become the 12th Indian startup to join the unicorn club in 2021. Recently, investors have shown a lot of trust in Urban Company to its strong value proposition. The startup has raised around $190 million in the latest funding round led by Prosus, formerly known as Naspers. Before this round, the firm raised funds from known investors including Tiger Global, Vy Capital and Steadview.
Urban Company’s Current Financial Round Details
With a series F funding round, the startup has achieved a valuation of $2 billion, as per the report by Fintrackr, a unit of Entrackr. In its regulatory filings, the company revealed that it has allotted 2613 equity shares including 50490 Series F preference shares at Rs 265553.1 per share price to collect a total fund of $188 million approximately.
In the concluded funding round, Prosus played a key role with a total investment of $61.93 million. DF International and Wellington Management, two new investors in Urban Company, also showed good interest to invest $36.86 million and $33.2 million respectively. Urban Company reached a valuation of $933 million in the last financial round concluded in 2019.
Entrackr was the first one to report about the recent financial round on 12 April 2021. It also reported that existing and new investors both participated in the Series F funding round.
Financial Growth of Urban Company
Founded in 2014, the Urban company is the seventh firm from India that joined the unicorn club in April. Chargebee, Gupshup, ShareChat, Groww, PharmEasy, CRED and Meesho also entered the unicorn club in April. Overall, it’s the twelfth firm from the Indian Startup ecosystem that crossed the magical $1 billion valuations in 2021.
If we talk about the old investors and their contribution to Urban Company, Vy contributed maximum with a whopping $30.22 million. Tiger and Steadview capital contributed $14.74 million and $11.06 million respectively in the fresh funding round.
Urban Company is very popular among investors. In different funding rounds, the startup has raised a total of $370 million in six financial rounds. Accel, Ratan Tata, Elevation Capital (previously SAIF Partners), Bessemer Venture Partners also supports Urban Company.
The startup has the urban population as its target audience. The firm has a huge network of over twenty-four major cities in India. The firm is also strengthening its operations and services in Sydney, Singapore, Abu Dhabi, Dubai and Riyadh. In a recently released statement, the firm has declared that it has 25,000 professionals that are providing services to over 5 million users.
Urban Company is a defacto winner among its competitors. As per the latest reports, no firm is even near to the popularity of mine.
2020 brought a lot of good news and positivity for the startup. In a financial audit in 2020, the firm raised Rs 263 crore that is 2x more than the revenue of Rs 132 crore collected in 2019. In 2020, the firm recorded a total loss of Rs 155 crore. Experts believe that the firm may reach Rs 400 crore in the US financial round.