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Home Services Marketplace Urban Company Raises $255 Million At $2.1 Billion Valuation

Home Services Marketplace Urban Company Raises $255 Million At $2.1 Billion Valuation

June 03, 2021 at 01:17AM
by PYMNTS

Technology-powered home services marketplace Urban Company has raised $255 million in a Series F funding round that values the company at $2.1 billion, according to a company press release.

The round was led by new investors Prosus Ventures, Dragoneer and Wellington Management. It also included existing investors Vy Capital, Tiger Global and Steadview, the release stated.

“The latest round includes a primary capital infusion of $188 million and a secondary sale of approximately $67 million by select angels and early investors,” the release stated.

Urban Company will use the new capital for “innovation, training, product development, enhanced quality control and safety measures for both partners and consumers,” according to the release. It also indicated it plans to expand into the 100 largest cities in India and international markets.

The company said in the release that it has 35,000 service partners and is the “largest home services marketplace” in Asia.

“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,” said Urban Company Co-Founder and CEO Abhiraj Singh Bhal in the release.

Prosus Ventures Head of Investment for India Ashutosh Sharma said in the release: “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 productizing services. In addition, the initial traction with international expansion in geographies we know well is encouraging and presents an opportunity for significant growth into the future.”

Founded in 2014, Urban Company offers services ranging from in-home beauty treatments to appliance repair and carpentry, the release stated.

Work is scheduled through a smartphone app. Urban Company operates in 35 cities in India, the United Arab Emirates, Singapore, Australia and Saudi Arabia, according to the release.