Urban Company ends FY24 with higher revenue and narrowed losses
Abhiraj Singh Bhal-led company has been betting on diversifying its offerings and improving its operational costs as it looks to scale in international markets
Home service marketplace clocked a 26% rise in its consolidated revenue from operations and trimmed its losses during FY24.
The company, formerly known as Urban Clap, clocked a revenue from operations of Rs 826.7 crore as compared to Rs 636.5 crore it clocked a year ago, according to a filing submitted with the Ministry of Corporate Affairs.
Urban Company to improve its bottomline by narrowing its total loss to Rs 92.7 crore during the same period from Rs 312.4 crore in FY23 by focusing on decreasing its operational costs.
“This growth was achieved on the back of investments in service quality, partner training and enablement, technology development and the launch of Native RO water purifier devices,” it said in a blog post earlier.
Its Indian segment, which is its largest one, clocked a 25% hike on a y-o-y basis in net revenue to Rs 738 crore during the year ended March 31, 2024.
While the company’s stock-in-trade expenses jumped 35% during the same period it managed to curb its expenditure in employee benefit expenses by nearly 10% as it focused on driving efficiencies across its India and international businesses. The UC platform is also available in the UAE, Saudi Arabia, and Singapore markets.
It also released its unaudited first quarter results with PBT profitability and a consolidated PBT margin as a percentage of net revenue at 4.3% during the three months ended June 30, 2024.
Founded by Abhiraj Singh Bhal, Raghav Chandra, and Varun Khaitan in 2014, the company last raised $190 million in a Series F round of funding in 2021.
Edited by Affirunisa Kankudti