Home corporations marketplace Urban Company recounted on Wednesday it has put up $255 million in a cutting edge financing round and affirmed a valuation of $2. 1 billion, joining via a dozen other startups throughout India that have earned the unicorn status this year .
The new financing spherical — a Series F — was led by Prosus Ventures, Dragoneer and Wellington Management, while Vy Grand, Tiger Global and Steadview participated in it. The Gurgaon-headquartered startup said* the new available features a primary capital infusion of $188 million as well as rest is a secondary sale by some angel as well as other early investors. The itc has raised about $470 million to date.
Formerly known as UrbanClap, the main seven-year-old startup offers a range of family home services on its computer program . Does your AC need to get maintenance work? Is the TV not working? The house needs a newfound coat of paint? Pipe joints issues? Need your tidied and disinfected? How about hacia haircut done at a place of your choosing?
These are are just some of the services Urban Company offers to its clientele, who can place an purchase order using the startup’s app the actual website and pick a sound time and venue.
The idea of the startup originated its three co-founders, which one in their early 20s were initially puzzled why nobody altogether different was trying to take a rute at the industry, which ruins largely unorganized, said Raghav Chandra, a founder connected Urban Company, in an talk to with TechCrunch.
What started as an point is now a unicorn. One of the startup today operates in thirty five cities in India, Singapore, Australia, the UAE, in addition to Kingdom of Saudi Arabia. Rather than 35, 000 service dates are active on the platform, claimed Chandra, who serves as Area Company’s Chief Technology Policeman.
“Urban Carrier} is disrupting a large, fragmented industry that has seen inexpensive digital adoption until now, ” said Ashutosh Sharma, Go of Investment for Indian at Prosus Ventures.
Through their technology-enabled platform and keen pay attention to providing high-quality, trained business partners, Urban Company are able to achieve the very difficult task of productizing services. In addition , the initial traction with world wide expansion in geographies you know well is encouraging and as a consequence presents an opportunity for a great deal of growth into the future, ” later on added.
That startup’s fast-growth was plop punctuated last year after Recent Delhi enforced a country wide lockdown to contain the smeared of the coronavirus. Chandra documented the startup began seeing and hearing recovery last year after the usa started to open up again and have had its best month known in March this year.
Chandra said finally, the startup will deploy the fresh capital to further expand inside a markets where it which works, and work on ways to elevate onboarding, training, and purposes of service workers towards the platform. It is also looking to boost its technology team. A new startup plans to file to put IPO within the next 24 months, this item said.
Village Company spends weeks over training and upskilling the employees that join its rig, said Chandra. The start-up today also enables tradesmen with expertise in one division to learn about other in addition, hence increasing their likelihood of getting more work and money-earning more. Chandra said showing upskilling courses to the tradesmen will remain one of the key districts as the startup expands.
*The startup would have disclosed the new fundraise situation filing with local limiter in April, but co-founder and chief executive Abhiraj Singh Bhal declined to brief review at the time, citing the going up coronavirus cases in the country.
