Case study: Journey of Urban Company

0
1020

Urban Company was launched in November 2014 in, Delhi with the name UrbanClap. This company was founded by Abhiraj Singh Bhal, Raghav Chandra, and Varun Khaitan.  It offers services like home beauty, wellness services, and maintenance and repair services, home installation, Also fitness, and Yoga services at home. Background Story was simple Abhiraj Bhal and Varun Khaitan had left their job in Boston consulting group in the United States and returned to India to launch their own venture in around 2013. Raghav Chandra earlier worked at Twitter inc returned to India at the same time to learn about entrepreneurship. Three of them joined hands together to form Urbanclap with an investment of 10 lacs each.

The company witnessed an amazing Expansion over the past years, In 2016 it acquired HandyHome, a services marketplace that deals in providing Online booking to repair electronic appliances. The same year, another acquisition of good service, a local startup offers service through a messaging platform. In March 2020, the assets of Glamazon acquired by an urban company which is an Australian on-demand Beauty service provider. Also In July 2019, Urban Company partnered with National Skill Development Corporation to provide training under upskilling programs and short-term skilling to 30,000 service professionals. The aim is to create micro Entrepreneurship opportunities for professionals certified under programs.

In just five years, Urban Company expands its business to three other countries the UAE, Singapore, and Australia. Gathered almost 25,000 trained professionals across these countries, who already served 5 million households so far.

Moving to its interesting valuation part, In the financial year ended 31 March 2019 Urban company Gross revenue get doubled and reached ₹116 crores from ₹46 crores.  In its initial year Urban Company get a seed fund of US$1.6 million from SAIF Partners and Accel Partners in April 2015. And in June 2015 Company had raised another US$10 million in series A funding from the same investor. For Series B round of funding US$25 million raised from Bessemer Venture Partners, SAIF Partners, and Accel Partners. In July 2018, Series C funding from Steadview Capital and Vy Capital US$50 million. Series D funding round led by Steadview Capital in May 2019, about US$50 million. And in August 2019, In August 2019 US$75 million raise by y Tiger Global Management. For Series E funding.

Apart from Institutes, the Urban company attracts individual inc=vestment  Rohit Bansal and Kunal Bahl, the founders of Snapdeal,  Ratan Tata, a former chairman of Tata Sons, Kalyan Krishnamurthy, the CEO of Flipkart, In April 2019, Urban Company had turned into a Unicorn (startup companies with over $1Bn valuation), along with a fresh $190Mn fundraise.

Recently Urban Company officially announced its Six sub-brands Urban Beauty, Urban Spa, Urban painting, Urban Grooming, Urban Repairs, Urban Cleaning. The company claims that it wanted to have a globally acceptable brand name.

Follow and connect with us on Facebook, LinkedIn & Twitter

LEAVE A REPLY

Please enter your comment!
Please enter your name here