Home service marketplace Urban Company announced on Wednesday that it has raised $255 Mn in a Series F round. The funding marks Bengaluru-based company’s entry in the coveted unicorn club. It has become the 15th unicorn of 2021. The latest funding values the seven year old startup at an eye-popping valuation of $2.1 Bn.
Prosus Ventures, Dragoneer and Wellington Management led the Series F round. Vy Capital, Tiger Global and Steadview also participated in the round. Out of $255 Mn, USD 188 million is meant for primary capital infusion and the rest (USD 67 Mn) is for secondary sale of shares. The latter will allow exit of several angel investors and early stage investors. However, the company has not disclosed the names of investors seeking exit through secondary transaction.
This also happens to be Urban Company’s biggest funding round till date.
According to reports, Urban Company is planning for a public listing in the next two years. However, the company hasn’t commented about the same in its official press release.
Commenting about the Series F round Urban Company CEO and Co-Founder Abhiraj Singh Bhal said “With this funding, we plan to rapidly scale our business while continuing to invest further in the safety of our consumers and service partners, training of partners and product development.”
The company had made a loss of nearly Rs 138 Cr in FY20 as compared to loss of Rs 73 Cr in Fy19. The company also saw its total income doubling in Fy20, earning a income of roughly Rs 256 Cr as compared to Rs 131.56 Cr in Fy19.
Urban Company currently stands on a strong footing. It is the undisputed market leader in the home service market. Besides, there are no well-funded competitors that can surmount any real challenge to the company.