on Jun 02, 2021)NEW DELHI: Homegrown gig marketplace, Urban Company that offers several home services, including installation, maintenance, beauty and wellness has raised $255 million in series F funding led by investors Prosus Ventures, Dragoneer and Wellington Management with participation from existing investors, Vy Capital, Tiger Global and Steadview.
The latest round, which has valued the company at over $2 billion includes a primary capital infusion of $188 million and a secondary sale of approximately $67 million by select angels and early investors.
“We have global ambitions,” Urban Company CEO and co-founder Abhiraj Singh Bhal told TOI. “Apart from that we plan to rapidly scale up by foraying into cities where we are currently not present.”
“Post bounce back, you scale up rapidly,” said Bhal. “If in August last year, we were at 100 per cent, in March this year we were at 200 per cent before seeing a dip in April. But now we are seeing a faster bounce back.”
In addition to scaling up, Urban Company will utilise the new investment towards innovation, training, product development, enhanced quality control and safety measures for both partners and consumers.
“Vaccinations are a big task for us. Our app now shows what percentage of our front line service personnel are vaccinated in which city,” said Bhal.
Urban Company, formerly called Urban Clap, is one of the several startups to have entered the coveted unicorn club this year. The company has more than 35,000 service partners across 35 cities in India, the UAE, Singapore, Australia and the Kingdom of Saudi Arabia.
