Urban Business, India and UAE’s largest tech-enabled home solutions market, has raised $one hundred ninety million from investors led by Prosus (formerly Naspers). The funding has a lot more than doubled the Gurugram-based company’s valuation to $2 billion. In 2019, the business was valued at $933 million soon after a funding spherical, led by Tiger International. Urban Business has now develop into a unicorn, a startup valued at a lot more than $one billion.
Urban Business has allotted 2,163 equity shares of Rs one every single at a premium of Rs 2,sixty five,552.10 every single and 50,490 Collection F compulsorily convertible cumulative choice shares (Collection F CCPS) of Rs 10 every single at a premium of Rs 2,sixty five,543.10 every single in the company on a preferential basis, aggregating to Rs one,410.2 crore or $one hundred ninety million, exhibit regulatory documents sourced from the enterprise intelligence platform Tofler.
Besides Prosus, the other investors involve DF International and Wellington Management.
Started in November 2014 by Abhiraj Bhal, Varun Khaitan and Raghav Chandra, Urban Business (formerly UrbanClap) is the largest home solutions company in India and the UAE. It provides solutions like attractiveness and spa at home, cleansing, plumbing, carpentry, equipment maintenance and portray through its cell app and web page.
It has a husband or wife community of around thirty,000 hand-picked services experts and operates in 18 cities of India, besides four intercontinental markets of Dubai, Abu Dhabi, Sydney and Singapore.
Urban Business is also backed by investors this kind of as Accel Companions, Ratan Tata, and Flipkart CEO Kalyan Krishnamurthy.
India is rapidly emerging as a startup country. In about a 10 years, the Indian startup ecosystem has scaled to develop into the third-largest start off hub in the earth followed by the US and China. The prosperous and vibrant startup ecosystem is functioning to increase the financial commitment atmosphere in India both equally from domestic and global investors, in accordance to administration consulting business Praxis International Alliance.
Urban Business has develop into the thirteenth Indian startup to develop into a unicorn in 2021. Some of these firms involve Chargebee, Gupshup, ShareChat, Groww, Pharmeasy, Cred and Meesho.
Urban Business noticed its total earnings almost doubling to Rs 263.07 crore in the fiscal 12 months 2020 from Rs 132.04 crore in the fiscal 12 months 2019, in accordance to the regulatory documents. Its decline was at Rs one hundred fifty five.seventeen crore in the fiscal 12 months 2020 as versus a decline of Rs seventy eight.forty eight crore in the former fiscal.