Urban Company to file papers for ₹3,000cr IPO by March
What's the story
Urban Company, a top home services start-up, is gearing up to file draft papers for a ₹3,000 crore initial public offering (IPO). The company hopes to complete the process by the end of March. For the public issue, Urban Company has hired the services of Kotak Mahindra Capital, Goldman Sachs and Morgan Stanley according to a report by Livemint.
Share details
IPO to include new and existing shares
The proposed IPO will include both new as well as existing shares. This comes from a company that was valued at $2.1 billion in June 2021, backed by Prosus. Last year, Urban Company raised $255 million in a funding round led by marquee investors such as Prosus, Dragoneer and Wellington Management.
Business reach
Urban Company's expansive operations
Urban Company operates in over 30 cities across India and has expanded to international markets such as Singapore and Saudi Arabia. The platform, connecting gig workers with home services, sees an average of 2.2 million monthly orders with an average order value of ₹1,290. Just in FY24, the company's network of 57,000 partners delivered 23 million services on the platform.