Urban Company raises $190 mn at $2-bn valuation, joins unicorn club

City Organization, India and UAE’s biggest tech-enabled household companies market, has raised $190 million from buyers led by Prosus (formerly Naspers). The funding has much more than doubled the Gurugram-based company’s valuation to $2 billion. In 2019, the business was valued at $933 million right after a funding spherical, led by Tiger World. City Organization has now grow to be a unicorn, a startup valued at much more than $one billion.

City Organization has allotted 2,163 equity shares of Rs one each and every at a high quality of Rs 2,65,552.ten each and every and 50,490 Sequence F compulsorily convertible cumulative preference shares (Sequence F CCPS) of Rs ten each and every at a high quality of Rs 2,65,543.ten each and every in the business on a preferential foundation, aggregating to Rs one,410.2 crore or $190 million, display regulatory documents sourced from the business enterprise intelligence system Tofler.

Moreover Prosus, the other buyers contain DF International and Wellington Management.

Established in November 2014 by Abhiraj Bhal, Varun Khaitan and Raghav Chandra, City Organization (formerly UrbanClap) is the biggest household companies business in India and the UAE. It gives companies like splendor and spa at household, cleansing, plumbing, carpentry, equipment mend and portray through its mobile app and web site.

It has a husband or wife network of more than thirty,000 hand-picked company professionals and operates in 18 towns of India, besides four global markets of Dubai, Abu Dhabi, Sydney and Singapore.

City Organization is also backed by buyers these kinds of as Accel Associates, Ratan Tata, and Flipkart CEO Kalyan Krishnamurthy.

India is fast emerging as a startup country. In close to a decade, the Indian startup ecosystem has scaled to grow to be the third-biggest start off hub in the earth adopted by the US and China. The prosperous and vivid startup ecosystem is performing to raise the investment decision surroundings in India the two from domestic and worldwide buyers, in accordance to management consulting business Praxis World Alliance.

City Organization has grow to be the thirteenth Indian startup to grow to be a unicorn in 2021. Some of these corporations contain Chargebee, Gupshup, ShareChat, Groww, Pharmeasy, Cred and Meesho.

City Organization noticed its overall revenue almost doubling to Rs 263.07 crore in the economical year 2020 from Rs 132.04 crore in the economical year 2019, in accordance to the regulatory documents. Its decline was at Rs 155.seventeen crore in the economical year 2020 as versus a decline of Rs seventy eight.forty eight crore in the prior fiscal.

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