Urban Company funding

urban company funding

Urban Company announced that it has raised $255 million in a Series F round at a valuation of $2.1 billion. 

This includes a primary capital infusion of $ 188 million and a secondary sale of nearly $67 million by select angels and early investors. 

The round was led by Prosus Ventures, Dragoneer, and Wellington Management, along with participation from Vy Capital, Tiger Global, and Steadview. 

Commenting on the latest development, CEO and Co-founder Abhiraj Singh Bhal said, “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.”

The startup plans to use the freshly raised funds for innovation, training, product development, enhanced quality control, and safety measures for both partners and consumers. It also intends to expand its geographic presence by entering the top 100 cities in the country and further expanding into global markets. 

Speaking about the investment, Ashutosh Sharma, Head of Investment for India, Prosus Ventures, said, “Urban Company is disrupting a large, fragmented industry that has seen low digital adoption until now. Through their technology-enabled platform and keen focus on providing high-quality, trained service partners, Urban Company has been able to achieve the very difficult task of productising services.” 

Established in 2014, Urban Company has over 35,000 service partners across 35 cities in India, the UAE, Singapore, Australia, and the Kingdom of Saudi Arabia. It provides a variety of home services to consumers, including beauty treatments, haircuts, deep cleaning, plumbing, carpentry, and appliance repairs.

Eric Jones, Partner at Dragoneer Investment Group, stated, “No company is better positioned to capture the growing global demand for convenient digital access to help with everyday home tasks. We look forward to supporting Urban Company’s continued momentum and innovation as they revolutionize the at-home, on-demand economy.”

Urban Company has come a long way since its inception and looking at its current trajectory, will definitely grow even more. My best wishes to the team of Urban Company.

Shishir Gupta, Founder and CEO, StartupLanes

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