We show you our most important and recent visitors news details UAE’s Vy Capital participates in India-based Urban Company’s $188 million funding round in the following article
Hind Al Soulia – Riyadh – Source: VCCircle
On-demand home services marketplace Urban Company has raised $188 million (Rs 1,410 crore) in a growth funding round led by Prosus, the Euronext listed entity that holds South African conglomerate Naspers’ international internet assets.
Prosus committed $62.2 million to the round. Vy Capital put in $30 million, Steadview contributed $10.3 million, Tiger Global invested 14.8 million, Wellington put in $33.3 million, and DF International infused a total of $37 million through its two funds.
Urban Company was valued at close to $1 billion in August 2019 when it raised $75 million in a round led by Tiger Global. The firm is also backed by investors such as Bessemer Venture Partners, Trifecta Capital, Accel, and Eight Road Ventures India.
Urban Company was founded in 2014 by Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra. The online marketplace provides a range of services from personal care to plumbing to home repairs.
Earlier in 2020, it rebranded from UrbanClap to Urban Company and converted its verticals into sub-brands, with the aim of becoming a horizontal services marketplace with a global footprint across categories.
The company reported a 99% growth in consolidated revenues for the financial year ended March 2020. Its total revenues rose to Rs 263.1 crore, from Rs 132.1 crore a year earlier. Total expenses increased to Rs 418.3 crore, from Rs 210.5 crore year-on-year — as a result of which losses in the reporting period widened to Rs 155.8 crore.
Continue reading this story
These were the details of the news UAE's Vy Capital participates in India-based Urban Company's $188 million funding round for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Wamda and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.