United Arab Emirates. Dubai: Urban Company, a leading tech-enabled home services marketplace becomes the newest entrant to the unicorn club of India after raising Series F funding of USD 255 million. The Series F round was led by Prosus Ventures, Dragoneer and Wellington Management, with participation from Vy Capital, Tiger Global and Steadview. The latest round includes a primary capital infusion of USD 188 million and a secondary sale of approximately USD 67 million by select angels and early investors.
The company is now valued at $2.1 billion with this latest investment. According to the statement issued, Urban Company will utilize the new investment towards innovation, training, product development, enhanced quality control and safety measures for both partners and consumers. The company also aims to increase its geographic footprint by expanding it’s existing reach in 35 cities in India to top 100 cities. The company further plans to expand in international markets.
“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, Abhiraj Singh Bhal, CEO and Co-Founder, Urban Company.
“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. ,” said Ashutosh Sharma, Head of Investment for India, Prosus Ventures.
Eric Jones, Partner at Dragoneer Investment Group, said, “We look forward to supporting Urban Company’s continued momentum and innovation as they revolutionize the at-home, on-demand economy.”
Urban Company has more than 35,000 service partners across 35 cities in India, the UAE, Singapore, Australia and the Kingdom of Saudi Arabia. The company will continue to penetrate into existing markets while venturing into new overseas geographies this year. The company also plans to launch IPO in 2022-23.