Urban Company to File Draft Papers for ₹3,000-Crore IPO by March-End: Report
- ByStartupStory | January 15, 2025
Urban Company, a leading home services startup, is reportedly preparing to file draft papers for a ₹3,000-crore Initial Public Offering (IPO) by the end of March 2025. According to a report by Livemint, the IPO will include both fresh and existing shares, with Kotak Mahindra Capital, Goldman Sachs, and Morgan Stanley appointed to manage the public issue.
The Prosus-backed startup, valued at $2.1 billion in June 2021, has not confirmed the timeline publicly. Notably, Moneycontrol stated it could not independently verify the report.
In June 2021, Urban Company secured $255 million in a funding round led by Prosus, Dragoneer, and Wellington Management. This substantial investment helped solidify the company’s position as a key player in the home services sector.
Expanding Global Presence
Urban Company currently operates in over 30 Indian cities and has expanded its footprint internationally to markets such as Singapore and Saudi Arabia. The platform, which connects gig workers with customers seeking home services, has been a key player in the gig economy.
In FY24, the company recorded an average of 2.2 million monthly orders with an average order value of ₹1,290. Urban Company also revealed that its 57,000 partners delivered an impressive 23 million services during the financial year.
Looking Ahead
The IPO marks a significant milestone for Urban Company as it seeks to capitalize on its growing presence in the home services and beauty salon marketplace. With its robust growth metrics and expanding global operations, the company is poised to attract substantial investor interest.
While the final details of the IPO are awaited, the company’s leadership, partnerships, and track record indicate a promising future in the competitive gig economy.
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