[Funding alert] Urban Company raises $255M in Series F round at $2.1B valuation
Urban Company will use the funding for growth initiatives that include internal innovation, as well market expansion both in India and abroad.
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Urban Company 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 approximately $67 million by select angels and early investors.
The round was led by Prosus Ventures, Dragoneer, and Wellington Management, with participation from Vy Capital, Tiger Global, and Steadview.
On the latest funding, 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 pandemic of Covid-19 has led to increased demand of homes services startup like Urban Company
The startup aims to use the funding for innovation, training, product development, enhanced quality control, and safety measures for both partners and consumers. It also aims to increase its geographic footprint by entering the top 100 cities in India and further expanding into international markets.
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.”
Founded in 2014, Urban Company has more than 35,000 service partners across 35 cities in India, the UAE, Singapore, Australia, and the Kingdom of Saudi Arabia. It offers 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, said, “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.”
Edited by Saheli Sen Gupta