AHEAD OF IPO, URBAN COMPANY RAISES $255 MN, VALUED AT $2.1 BN

NEW DELHI: On-demand home services provider Urban Company on Wednesday said it has raised $255 million (about ₹1,857 crore) in funding led by Prosus Ventures, Dragoneer and Wellington Management, ahead of its plans to launch an initial public offering (IPO) in the next two years. The series F round— which also saw participation from Vy Capital, Tiger Global and Steadview—takes Urban Company’s valuation to $2.1 billion.

The latest round includes a primary capital infusion of $188 million and a secondary sale of approximately $67 million by select angels and early investors, Urban Company CEO and co-founder Abhiraj Singh Bhal told PTI. He added that Urban Company has raised about $330 million in primary capital.

Bhal said the funds will be used towards innovation, training, product development, enhanced quality control and safety measures for both partners and consumers.

Asked about the company’s IPO plans, Bhal said the company is on the path. “...In the next 18 to 24 months, we are working towards that...we have applied towards each of those points, including being ready from an internal capability and compliance standpoint, having the right set of internal checks in place in terms of IPO readiness,” he said.

“So, work has started on each of these elements. I think we need another 18 to 24 months...,” Bhal noted.

The company also aims to increase its geographic footprint by entering the top 100 cities in India by 2022.

THE LATEST FUNDING ROUND INCLUDES A PRIMARY CAPITAL INFUSION OF $188 MILLION AND A SECONDARY SALE OF $67 MILLION