Bengaluru, 7th June 2021: Home services marketplace Urban Company raises USD 255 million in funding led by Prosus Ventures, Dragoneer, and Wellington Management. The series F round which also saw participation from Vy Capital, Tiger Global, and Steadview takes Urban Company’s valuation to USD 2.1 billion.
The latest round includes a primary capital infusion of USD 188 million and a secondary sale of approximately USD 67 million by select angels and early investors, Urban Company CEO and co-founder Abhiraj Singh Bhal told Pixr8 News. He added that Urban Company has raised about USD 330 million in primary capital to date.
Bhal said the funds will be used towards innovation, training, product development, enhanced quality control and safety measures for both partners and consumers. The company also aims to increase its geographic footprint by entering the top 100 cities in India by 2022 and further expanding into international markets.
”With this funding, we plan to rapidly scale our business while continuing to invest further in the safety of our consumers and service partners, training of partners, and product development…We will continue to penetrate existing markets while venturing into new overseas geographies, Bhal said. Currently, Urban Company has more than 35,000 service partners across 35 cities in India, the UAE, Singapore, Australia, and the Kingdom of Saudi Arabia. The marketplace offers a variety of home services to consumers across categories like beauty and personal care, cleaning services, plumbing, carpentry, and appliance repairs.
Bhal said the company has also been focussed on upskilling and training its service partners. The number of partners is set to grow in line with its expansion into more cities. Talking about the impact of pandemic on business, Bhal said while there was significant impact initially but the situation has changed now. ”After the lockdown was lifted last year, we saw momentum returning and double to pre-COVID levels. We expect strong growth momentum to continue as more people use our services while staying safe within their homes,” he added.