Urban Company expands to UAE, reshuffles board
The company's board has approved a Rs 3-crore investment to form a wholly-owned UAE subsidiary through its Singapore arm. The unit will focus on general trading activities, including selling products to service providers who operate on Urban Company's platform in the Emirates.
Home services platform Urban Company Ltd is setting up a subsidiary in the United Arab Emirates and restructuring its board as it adapts to life as a publicly traded company.
The company's board has approved the creation of a wholly owned subsidiary in the UAE with an initial investment of Rs 3 crore. The new entity will be established through Urban Home Experts Pte Limited, the company's Singapore-based subsidiary, making it a step-down subsidiary in corporate structure.
The UAE unit will focus on general trading activities, including selling products to service providers who operate on Urban Company's platform in the Emirates. It will also market the company's own branded products, known as 'Native', directly to UAE consumers, said the company in a stock exchange notice.
In a separate disclosure to India's stock exchanges, Urban Company announced changes to its board composition. Vamsi Krishna Duvvuri, who previously held a seat as a nominee director representing investor VY Capital, has been redesignated as a non-executive, non-independent director.
Duvvuri joined Urban Company's board in September 2024. He holds degrees from the Indian Institute of Technology, Kanpur, and the Indian Institute of Management, Ahmedabad. Before his current role, he worked at Religare Capital Markets and VY Capital. He now serves as the founder and managing partner at Dharana Capital, which is managed by VY Capital Management Company Limited.
Urban Company's shares surged on their stock market debut in September, listing at more than a 57% premium to the IPO price, after drawing frenzied demand in the primary market.
The Rs 1,900-crore public offering was subscribed 103.63 times between September 10 and 12, making it the most heavily subscribed share sale in India this year, according to Bloomberg estimates.
During the quarter, Urban Company reported a net loss of Rs 59.33 crore in the second quarter of fiscal 2026, compared with a loss of Rs 1.82 crore a year earlier, as expenses grew faster than revenue and the company incurred charges related to its stock market listing.
Revenue from operations climbed 37% to Rs 380 crore from Rs 277 crore in the year-ago period. Quarter-on-quarter revenue rose 3.5% from Rs 367 crore.
Edited by Swetha Kannan