• About
  • Contact
Saturday, January 16, 2021
Next Big Brand
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview
No Result
View All Result
Next Big Brand
Home News

Urban Company Reports 2X Rise In Operating Revenue During FY20

Pritish raj by Pritish raj
May 12, 2020
in News, Startup
2 min read
0
Urban Company Operating Revenue- Next Big Brand

Urban Company Operating Revenue- Next Big Brand

Share on FacebookShare on Twitter
  • Urban Company, formerly known as UrbanClap, reported a double jump to Rs 242 Crore in its full-year operating revenue on Tuesday, driven by strength in its beauty business.

Urban Company, formerly known as UrbanClap, reported a double jump to Rs 242 Crore in its full-year operating revenue on Tuesday, driven by strength in its beauty business. As per the I-GAAP accounting standard, operating revenue rose to Rs 242 crore in the full year ended March 31, from Rs 116 crore a year earlier.

The company said its beauty and wellness segment-which accounted for almost 55 percent of the year’s overall sales-had been under pressure due to the lockdown over the last few months of the financial year. Such services are not yet available, but it has been authorized to restart the home repair and maintenance services of the startup.

The net booking value of transactions across the website of the company increased by 138 percent to the year’s Rs 918 crore. The company earns largely money from commission fees on every transaction that is made on its online platform.

Abhiraj Singh Bhal, co-founder of Urban Company said that breakeven is still some distance away for the company and that the upcoming financial year will go beyond just the company’s financials. “If COVID-19 had not happened, we would have targeted it in FY21 but not very long at this point,” he said.

The startup expects changes in people’s coronavirus-led lifestyle to have a positive impact on its business in FY 2021. In the medium term, its core businesses-beauty and home repairs and maintenance-could see a positive impact. “The beauty industry is going to experience a very systemic tectonic change to ‘at-home.’ People would now choose to get beauty services in their home’s regulated climate, as opposed to going out to a salon,” Abhiraj said.

Recently, the organization carried out a waitlist system for customers who needed beauty services after the operations were resumed. To date, Urban Company said more than 1.5 lakh clients have joined the queue.

It urged the government to consider lifting the ban on its beauty services at home, saying the resumption would help restore the livelihoods of its beauty partners and technicians.

“More than 70 lakh people earn their living through the beauty and wellness industry, many of whom are single bread-earners. Home-based services are delivered in a 1-to-1 format and minimize congregation, which would be similar to the restaurant industry which has been allowed to deliver food at home while dine-in operations are suspended,” he added.

Abhiraj said the ‘health’ part of operating during the lockdown, which involves temperature controls and verifications, was something that helped the company compete with the gray market, on price versus quality, for its home repair and maintenance business.

‘Having an individual from Urban Company gives you that quality assurance. So, once the pandemic peak is over, in September or so, I expect a significant change in both beauty and home maintenance.’ For the financial year 2021, Urban Company said its number one goal is to protect the health and safety of its customers and service partners.

Urban Company was founded in November 2014 and offers services such as beauty and spa at home, cleaning, plumbing, carpentry, appliance repair, painting, etc. through its mobile app and web site. It operates in 22 towns throughout India, the UAE, Australia, and Singapore. The firm has nearly 30,000 business members, including more than 10,000 beauticians and barbers. It helps them with preparation, financing, acquisition of goods, insurance, technology, etc. Urban Company moved from I-GAAP to accounting method IND-AS in FY20.

Previous Post

TikTok Is Highest Grossing Non-Gaming App In April 2020, Followed By YouTube

Next Post

Footwear Chain Aldo Files For Bankruptcy Protection, India Operations Unaffected

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

Related Posts

IndiaMart Market Cap Hits $3 Billion
News

IndiaMart Market Cap Hits $3 Billion

January 15, 2021
Digit Insurance Becomes the first Unicorn of 2021 with a total valuation of $1.9 Billion
News

Digit Insurance Becomes the first Unicorn of 2021 with a total valuation of $1.9 Billion

January 15, 2021
Trump Administration Blacklists Smartphone Giant Xiaomi and other 10 Chinese Companies
News

Trump Administration Blacklists Smartphone Giant Xiaomi and other 10 Chinese Companies

January 15, 2021
Rise of Regional OTT Platforms in India during the Pandemic Time
News

Rise of Regional OTT Platforms in India during the Pandemic Time

January 15, 2021
Ex-Star India Chairman Uday Shankar Joins Lupa Systems CEO for New Venture
News

Ex-Star India Chairman Uday Shankar Joins Lupa Systems CEO for New Venture

January 14, 2021
Telegram Touches Half Billion Installs with 25 Million New Users in Last 72 Hrs
News

Telegram Touches Half Billion Installs with 25 Million New Users in Last 72 Hrs

January 13, 2021
Next Post
Aldo Bankruptcy Protection- Next Big Brand

Footwear Chain Aldo Files For Bankruptcy Protection, India Operations Unaffected

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

Patanjali Group Ayurved- Next Big Brand

Sales Of Patanjali Ayurved Slumps Amid FMCG Slowdown

1 year ago
Paytm Payment Device- Next Big Brand

Paytm Introduces All-in-one Payment Device To Fight Competitors

12 months ago
Twitter Fleets India- Next Big Brand

Twitter Launches Stories-Like Feature Fleets In India After Brazil & Italy

7 months ago
Times Internet Records 24% Revenue Growth To ₹1,625 Cr in FY20

Times Internet Records 24% Revenue Growth To ₹1,625 Cr in FY20

4 months ago

FOLLOW US

  • 22.1k Fans

BROWSE BY TOPICS

2018 League amazon Amazon Great Indian Sale Amazon Prime Apple Apple Inc Automobile Industry Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan facebook Facebook app future group hotstar Indian OTT Platforms Indian Smartphone Market Istana Negara Jio Market Stories Maruti Suzuki National Exam Netflix Netflix India Netflix Originals oppo OTT OYO Realme Reliance Industries Limited Reliance Jio RIL Samsung Tata Motors Tiktok TikTok India TikTok Videos Visit Bali Vivo whatsapp Xiaomi Xiaomi India YouTube
Next Big Brand

We Talk About Brands

Follow us on social media:

Recent News

  • IndiaMart Market Cap Hits $3 Billion
  • Digit Insurance Becomes the first Unicorn of 2021 with a total valuation of $1.9 Billion
  • Trump Administration Blacklists Smartphone Giant Xiaomi and other 10 Chinese Companies

Instagram

Follow Me!

Latest News

IndiaMart Market Cap Hits $3 Billion

IndiaMart Market Cap Hits $3 Billion

January 15, 2021
Digit Insurance Becomes the first Unicorn of 2021 with a total valuation of $1.9 Billion

Digit Insurance Becomes the first Unicorn of 2021 with a total valuation of $1.9 Billion

January 15, 2021
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview

© 2019 NBB. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.