Global home services marketplace raises USD 255 Million to fuel expansion plans
Urban Company, the tech-enabled home services marketplace with operations in India, UAE, Singapore, Australia and Saudi Arabia, has raised Series F funding of USD 255 million that includes a primary capital infusion of USD 188 million and a secondary sale of approximately USD 67 million by select angels and early investors. Led by Prosus Ventures, Dragoneer and Wellington Management, the latest investment raises the value of Urban Company to $2.1 billion.
Urban Company will leverage the new investment for further innovation, training, product development, as well as enhanced quality control and safety measures for both partners and consumers. The company also aims to increase its geographic footprint to cover 100 cities in India and widening its international presence.
Urban Company currently has more than 35,000 service partners across 35 cities in India, the UAE, Singapore, Australia and the Kingdom of Saudi Arabia. The marketplace offers a variety of home services to consumers, including beauty treatments, haircuts, deep cleaning, plumbing, carpentry and appliance repairs.
Urban Company CEO and Co-Founder, Abhiraj Singh Bhal, said, “Urban Company strives to provide comfort and convenience at the doorstep of its consumers. 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.”
Ashutosh Sharma, Head of Investment for India, Prosus Ventures, one of the leading investors in this round, added, “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.”
Urban Company focuses on upskilling and training its service partners to ensure consumers get the best services every time. Additionally, the company empowers its partner network via financing and insurance, product procurement, training and certification along with tech-led standardization of services. Safety and skilling of service partners will continue being a key focus for Urban Company.