Urban Company raises, which aims to penetrate India’s top 100 cities by the end of this year. Said on Wednesday that it has raised $255 million in Series F investment, bringing its value to $2.1 billion.
Urban Company (previously UrbanClap), which serviced over 25 lakh homes in India throughout the pandemic yea. So, that by July, the business would have returned to its March growth levels, if not exceeding them.
“We will quickly recover after the pandemic lockdown. So, by the March of this year, great development had happened as businesses. That we’re allowed to operate in a number of sectors, according to Varun Khaitan, co-founder of Urban Company.
“This time, we hope to recover to March levels by July, when urban conditions normalize during the second Covid wave and even triple our growth from pre-pandemic levels,” Khaitan added.
The Gurugram-based online home services marketplace has raised new funding from Proses Ventures, Dragoneer, and Wellington Management, with participation from Vy Capital, Tiger Global, and Steadview. The company has a global footprint and a leadership position in service categories. Such as beauty and wellness and home repairs and maintenance.
The new transaction involves a $188 million main capital injection and a secondary sale of around $67 million to select angels and early investors.
The increased investment will advance the business. So, innovation, training, product development, quality control, and safety measures for both partners and customers.
Urban Company raises over Rs 1868 cr
“With this capital. So, we want to accelerate our growth while continuing to invest in the safety of our customers and service partner. So, as well as in partner training and product development,” said Abhiraj Singh Bhal, Co-Founder and CEO of Urban Company.
Urban Company works with over 35,000 service partners in 35 locations. Which spanning India, the United Arab Emirates, Singapore, Australia, and Saudi Arabia.
“Urban Company is challenging a vast, fragmented business that has historically had a low rate of digital adoption. IT has succeeded in the very tough process of productizing services. “Ashutosh Sharma, Proses Ventures’ Head of Investment for India, said.
The firm, founded in 2014, said that it would continue to expand. And also in current markets while expanding into new international regions this year.
“Our lives are improving by technology, which is transforming sectors one by one. Delivering an enhanced customer experience is at the forefront. To provide dependable and cheap services at home. We are collaborating with our service partners to develop them into micro-service entrepreneurs “Khaitan said.