The Urban company is India’s one of the most in-demand home service mainstay. They have joined the Unicorn Club as the company has valued USD 2 Billion by raising USD 190 Million in the Series F funding round on 27th April 2021.
Urban Company has allocated 2,631 equity shares and 50,490 preference shares of Series F for USD 3,560 per share and raised USD 190 million, as per the Indian ministry of corporate affairs.
The investors of the Urban company in this funding series were Prosus, DF international and Wellington Management. Prosus has invested USD 61.93 Million, Wellington Management has invested USD 33.2 Million, and DF international has invested USD 33 Million. With this investment, they have 3.18%, 1.90% and 1.17% stakes total in the company.
After this deal, the three founders will have 8.22% of the company’s stake, the previous investors, Accel India and Elevation Capital will have 14.56% and 14.40% stakes respectively. The spokesperson of the Urban Company has denied uttering any statement regarding this fundraise.
In 2019, during the funding series E the urban company raised their value at USD 933 Million. The key investors of the Urban company in that series were Tiger Global, who was newly added to the list with the existing investors Vy Capital and Steadview Capital. Till present, the company has raised $370 Million.
About Urban Company
Urban Company was founded in 2014 in Gurugram, India, by Abhiraj Bahl, Varun Khaitan and Raghav Chandra. The company was formerly named UrbanClap, although they decided to change the name to Urban Company, after which their business bloomed.
It’s India’s leading home service provider and spread across all over the country. After the success they achieved in the homeland, they spread their wings in different parts of the world. They are available in the countries like Australia, UAE and Singapore.
The company has also rebranded their verticals and rebranded them as well. The men focused brand is rebranded as Urban Grooming; the female-centric brand is now Urban Beauty. Other than this, they also have Urban Spa, Urban Repairs, Urban Cleaning and Urban Painting.
About Investors:
Prosus
Prosus is a subdivision of Naspers, which works as an international internet assets division. It was founded in 1997 and has its headquarters in the Netherlands.
The Prosus is a strategic investment company that focuses on building long-term asset creation by establishing top-notch tech companies that can be efficient to improve the daily lives of the people. The other sectors it focuses on are e-commerce retailing and digital media. Prosus is also the most significant stakeholder of a Chinese gaming giant, Tencent, with 29% of stakes in the company.
DF International
DF international is a company known for its problem-solving services. They wholesale and distribute the latest technology in the industry of GPS. Their distributed equipment are used in vehicles, pet tracking and asset management.
Wellington Management
Wellington management company is a private investment firm found in 1933 by Walter L. Morgan, having its headquarters in Boston, United States of America. Wellington Management has a total client asset of USD 1 Billion.
This firm main service is to act as an advisor for investments for over 2200 companies. They are available in more than 60 countries. Wealth managers, family funds offices, endowments and foundation, pension funds and financial intermediaries are its focused clients.
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