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Urban Company swings to profit ahead of planned IPO as revenue jumps 38%
Urban Company swings to profit ahead of planned IPO as revenue jumps 38%

Business Standard

time18-06-2025

  • Business
  • Business Standard

Urban Company swings to profit ahead of planned IPO as revenue jumps 38%

Urban Company reported a 38 per cent rise in operating revenue to ₹1,144.5 crore for the financial year 2024-25 (FY25), as it gears up for a public offering. The Gurugram-based home services platform turned profitable during the year, posting a net profit of ₹240 crore, compared with a ₹93 crore loss in the previous financial year, according to its annual report released on Wednesday. Urban Company reported a sharp turnaround in its bottom line for FY25, aided by a ₹211 crore deferred tax credit. Even excluding the credit, the at-home services platform posted a pre-tax profit of ₹28.6 crore. This turnaround comes on the back of strong revenue growth and operational efficiency. 'Cash generated from operating activities was ₹54.6 crore,' said Urban Company CEO and Cofounder Abhirah Singh Bhal on X. Urban Company had reduced its losses by 40.1 per cent to ₹308 crore in FY23, whereas the figures stood at ₹514 crore in FY22, according to Entrackr. The company said it served 6.8 million transacting users over the past financial year and worked with an average of 48,000 active service partners each month. The platform reported that 82 per cent of its net transaction value came from repeat customers, reflecting high retention. Customer satisfaction remained strong, with an average rating of 4.81 out of 5. Service partners earned an average of ₹26,400 per month, up 16 per cent from the previous year, according to the company. Urban Company's operations now span 51 cities across India as well as international markets, such as the UAE and Singapore. Its overseas business generated ₹147 crore in revenue, an increase of nearly 64 per cent year-over-year. According to the Redseer Report, the home services sector in India had a total addressable market of $59.2 billion in 2024 calendar year (CY) and is projected to grow to $97.4 billion by CY29, at a CAGR of 10–11 per cent. The online full-stack platforms, delivering integrated, end to-end service experiences are projected to grow at a CAGR OF 20–22 per cent between CY24 and CY29. But the segment is still in the early stages of growth. In CY24, only 2 per cent of Indian households used online home services, compared to about 21 per cent in China and over 50 per cent in the US, according to the Redseer Report. 'We believe we have only scratched the surface and will look to drive sustained long-term growth,' said Urban Company co-founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra in the report. The firm recently reduced the size of its planned capital raise to ₹528 crore as it moves closer to its initial public offering, citing prevailing market conditions. The latest figure is a sharp cut from earlier plans to raise around ₹3,000 crore and marks a revision from its April draft prospectus, which proposed a ₹1,900 crore issue with ₹429 crore in fresh capital.

Urban Company turns profitable; Ola goes commission-free
Urban Company turns profitable; Ola goes commission-free

Time of India

time18-06-2025

  • Business
  • Time of India

Urban Company turns profitable; Ola goes commission-free

Next Urban Company turns profitable; Ola goes commission-free Want this newsletter delivered to your inbox? Also in the letter: Urban Company posts Rs 240 crore profit in FY25, revenue rises 38% Financial details: The company turned profitable in FY25, posting a net profit of Rs 240 crore compared to a loss of Rs 93 crore in FY24. A large part of this turnaround came from a Rs 211-crore deferred tax credit booked during the year. Even before tax, the at-home services platform reported a profit of Rs 28 crore. Tell me more: In a letter to shareholders, cofounders Abhiraj Singh Bhal, Raghav Chandra, and Varun Khaitan stated that the company plans to accelerate growth by deepening its presence in existing cities, entering new markets, cross-selling services, and expanding offerings, such as InstaHelp. In FY25, Urban Company averaged around 47,800 active service professionals on the platform each month and recorded 6.8 million annual transacting consumers. Also Read: IPO plan: Also Read: Ola launches zero percent commission model across India; drivers to keep entire fare earnings Driving the news: With this move, the Bhavish Aggarwal-led company claims to be the first in the industry to scrap commissions entirely. Drivers can now choose from a range of subscription plans and keep the full fare amount, with no deductions or earning caps, the company said. The model was introduced in phases, starting with Ola Autos, then Ola Bikes, and now extended to Ola Cabs. Rival updates: Other details: Also Read: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Insolvency plea filed against FirstCry subsidiary GlobalBees Details: Ashutosh Garg, Paritosh Garg and Manju Agarwal filed the plea before the New Delhi bench of the NCLT. The tribunal is yet to decide whether it will admit the case and initiate proceedings. According to FirstCry's red herring prospectus, GlobalBees acquired Kuber Industries in December 2021. BrainBees Solutions, the parent entity of FirstCry, holds a 51% stake in GlobalBees, which focuses on acquiring and scaling D2C brands. Tell me more: Also Read: Indian startups that have pared Chinese stakes Exit route: For instance: Sam Altman says Meta offered $100 million bonuses to OpenAI employees Details: Also Read: Background: At-home services company Urban Company became profitable in FY25 and reported strong revenue growth during the year. This and more in today's ETtech Top 5■ GlobalBees faces insolvency■ Startups strengthen domestic control■ Meta eyeing OpenAI talent(L-R) Varun Khaitan, Raghav Chandra, Abhiraj Singh Bhal, cofounders, Urban CompanyIPO-bound Urban Company has reported a 38% increase in its operating revenue, reaching Rs 1,144 crore for the financial year ending March 31, 2025, according to its annual report released on April 28, Urban Company filed its draft red herring prospectus for a Rs 1,900 crore IPO . The issue includes a primary component of Rs 429 crore. This is a scaled-down version of its earlier plan to raise Rs 3,000 platform Ola has launched a zero-commission model across India, enabling driver-partners of autos, bikes, and cabs to retain 100% of their fare ET reported on April 9 , both Ola and Uber have adopted a fee-based model inspired by Namma Yatri and Rapido. Instead of taking a cut per ride, the platforms now charge drivers a fixed daily or weekly fee, offering unlimited access to has faced a revenue decline and a spate of senior-level exits over the past year. Earlier in January, the Central Consumer Protection Authority (CCPA) issued notices to Ola and other ride-hailing firms over price discrepancies between Android and iPhone users ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Maheshwari and Nitin Agarwal, founders, GlobalBeesThe directors of direct-to-customer (D2C) homecare company Kuber Industries have filed an insolvency petition against GlobalBees Brands, a subsidiary of omnichannel retailer FirstCry, over unpaid dues totalling Rs 65 insolvency filing comes just months after FirstCry announced plans to invest Rs 146 crore in GlobalBees. In April, the roll-up firm's CEO, Nitin Agarwal, resigned , citing personal reasons. ET has been reporting on the stress in the roll-up ecommerce sector. The segment has struggled with overvalued acquisitions and weak financial discipline, leading to stress across firms such as Good Glamm Group , Mensa Brands, Upscalio and Goat Brand Kalra, founder, MakeMyTripMakeMyTrip is raising $2.6 billion to repurchase shares from China's group, aiming to cut the investor's stake from 45% to 20%. This move mirrors a broader trend among new-age Indian companies over the past few Indian startups have reduced or eliminated Chinese ownership amid rising geopolitical tensions and a growing push for domestic control and technological following companies have pared Chinese investors' stakes:OpenAI CEO Sam Altman is fending off pressure from multiple fronts. Days after reports of tensions with its major backer, Microsoft , Altman has accused Meta of aggressively trying to poach OpenAI's top talent as both companies ramp up efforts towards artificial general intelligence (AGI).Mark Zuckerberg's Meta has reportedly offered OpenAI employees signing bonuses of up to $100 million to recruit them, part of a broader recruitment push for its new superintelligence unit. The move signals an intensifying battle for elite AI the Uncapped podcast hosted by his brother, Altman said, 'They (Meta) started making giant offers to a lot of people on our team. You know, like $100 million signing bonuses, more than that (in) compensation per year." He claimed that none of OpenAI's best team members had accepted the Platforms has invested $14.3 billion in Scale AI, a startup now valued at over $29 billion. According to Reuters, Scale cofounder and CEO Alexandr Wang will join Meta's new AGI-focused division. Zuckerberg is said to be personally leading hiring for the team, with plans to bring in about 50 people, including a new head of AI research.

Urban Company posts Rs 240 crore profit in FY25, revenue rises 38%
Urban Company posts Rs 240 crore profit in FY25, revenue rises 38%

Time of India

time18-06-2025

  • Business
  • Time of India

Urban Company posts Rs 240 crore profit in FY25, revenue rises 38%

IPO-bound Urban Company reported a 38% increase in operating revenue for FY25 at Rs 1,144 crore, according to its annual report published on Wednesday. The Gurugram-based company turned profitable during the year posting a net profit of Rs 240 crore against a loss of Rs 93 crore in FY24. The significant turnaround in Urban Company's bottomline came on the back of a Rs 211-crore deferred tax credit accounted for during fiscal 2025. However, even on a pre-tax basis, the at-home services platform reported a profit of Rs 28 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 23.7% Returns in last 5 years with Shriram Life's ULIP Shriram Life Insurance Undo In a letter, the company's cofounders Abhiraj Singh Bhal, Raghav Chandra and Varun Khaitan wrote, 'The core service offerings on our platform, i.e., home and beauty services, continue to grow, thereby providing us with the capacity to invest in the expansion of newer categories'. Live Events In April, Urban Company filed the draft papers with Sebi for its Rs 1,900-crore public offering , which comprises a primary issue of Rs 429 crore. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories

Urban Company ties up with Noon to expand at-home services in UAE, Saudi Arabia
Urban Company ties up with Noon to expand at-home services in UAE, Saudi Arabia

Business Mayor

time12-05-2025

  • Business
  • Business Mayor

Urban Company ties up with Noon to expand at-home services in UAE, Saudi Arabia

The Gurugram-based company already operates in the UAE and Saudi Arabia through its own app. The partnership will help it grow its customer base by allowing users to book, manage, and rebook service professionals within Noon's digital platform. 'Partnering with Noon marks a step in our mission to bring quality home services to households in the Middle East. With Noon's scale and customer relationships, we're excited to build a seamless, tech-enabled service experience that redefines what great service looks like in Saudi Arabia and the UAE,' said Abhiraj Singh Bhal, chief executive and cofounder, Urban Company. Urban Company primarily functions within two major categories: beauty and wellness, and home repairs and maintenance. In the UAE, it will provide a range of services including cleaning and laundry; AC, plumbing, and electrical repairs; at-home salon, massage, and grooming services for both men and women; as well as babysitting, pet care, ironing, and packing. In Saudi Arabia, the offerings will include home cleaning, maintenance, and at-home massage and nail care services for women. 'With Urban Company's quality and Noon's reach, we're building a new standard for on-demand services — fast, reliable, and built around the customer,' said Faraz Khalid, chief executive, Noon. On April 28, Urban Company filed the draft red herring prospectus (DRHP) for a Rs 1,900-crore initial public offering (IPO). The company has trimmed the overall IPO size from an earlier planned Rs 3,000 crore. Read More Bao Fan: Billionaire tech banker in China reported missing In the first nine months of FY25, Urban Company clocked operating revenue of Rs 846 crore, marking a 41% year-on-year (YoY) growth, ET had reported. The company also turned profitable in this period, posting a net profit of Rs 242 crore, against a loss of Rs 58 crore in April-December 2023.

Urban Company ties up with Noon to expand at-home services in UAE, Saudi Arabia
Urban Company ties up with Noon to expand at-home services in UAE, Saudi Arabia

Time of India

time12-05-2025

  • Business
  • Time of India

Urban Company ties up with Noon to expand at-home services in UAE, Saudi Arabia

At-home services platform Urban Company has partnered with Saudi Arabia-based digital ecommerce platform Noon to deliver home services to users in the UAE and Saudi Arabia through the Noon app. #Operation Sindoor The damage done at Pak bases as India strikes to avenge Pahalgam Why Pakistan pleaded to end hostilities Kashmir's Pahalgam sparks Karachi's nightmare The rollout will begin soon in both countries, with plans to extend the services to more regions, the company said. The Gurugram-based company already operates in the UAE and Saudi Arabia through its own app. The partnership will help it grow its customer base by allowing users to book, manage, and rebook service professionals within Noon's digital platform. 'Partnering with Noon marks a step in our mission to bring quality home services to households in the Middle East. With Noon's scale and customer relationships, we're excited to build a seamless, tech-enabled service experience that redefines what great service looks like in Saudi Arabia and the UAE,' said Abhiraj Singh Bhal, chief executive and cofounder, Urban Company. Urban Company primarily functions within two major categories: beauty and wellness, and home repairs and maintenance . In the UAE, it will provide a range of services including cleaning and laundry; AC, plumbing, and electrical repairs; at-home salon, massage, and grooming services for both men and women; as well as babysitting, pet care, ironing, and packing. In Saudi Arabia, the offerings will include home cleaning, maintenance, and at-home massage and nail care services for women. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 'With Urban Company's quality and Noon's reach, we're building a new standard for on-demand services — fast, reliable, and built around the customer,' said Faraz Khalid, chief executive, Noon. On April 28, Urban Company filed the draft red herring prospectus (DRHP) for a Rs 1,900-crore initial public offering (IPO). The company has trimmed the overall IPO size from an earlier planned Rs 3,000 crore. In the first nine months of FY25, Urban Company clocked operating revenue of Rs 846 crore, marking a 41% year-on-year (YoY) growth, ET had reported. The company also turned profitable in this period, posting a net profit of Rs 242 crore, against a loss of Rs 58 crore in April-December 2023.

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