Urban Company: Redefining Home Services

Introduction Urban Company, founded by Abhiraj Bhal, Varun Khaitan, and Raghav Chandra in 2014, is a leading home services platform in India, offering a wide range of services from beauty treatments to home repairs.

Growth and Success Urban Company’s focus on quality and convenience has attracted millions of users. The company achieved unicorn status in 2021, reflecting its dominant position in the home services market.

Future Prospects With plans to expand internationally and enhance its service offerings, Urban Company aims to become a global leader in the home services industry.

Urban Company is an Indian technology company that provides a platform for connecting customers with local service providers in various categories such as beauty, wellness, home repairs, and other professional services. The company was founded in 2014 by Abhiraj Bhal, Varun Khaitan, and Raghav Chandra, and it was previously known as UrbanClap.

• Urban Company operates in 35 cities across India, the UAE, Singapore, and Australia.
• The company has over 40,000 trained and verified service professionals on its platform.
• Urban Company has served over 5 million customers as of 2021.
• The company offers services in over 150 categories, including beauty, wellness, home repairs, and professional services.
• Urban Company has raised over $440 million in funding from investors, including Sequoia Capital, Tiger Global, and Vy Capital.
• The company’s revenue grew by over 150% in FY2021 compared to the previous year.
• Urban Company has a high customer satisfaction rate, with over 95% of its customers rating its services as excellent or good.
• The company has been recognized with several awards, including the Economic Times’ Most Promising Brand award and the LinkedIn Top Startups award

Founding History / Founders of Urban Company

Urban Company was founded in 2014 by Abhiraj Bhal, Varun Khaitan, and Raghav Chandra in New Delhi, India. The three co-founders had previously worked together at the management consulting firm, The Boston Consulting Group.

The idea for Urban Company came from the founders’ personal experiences with finding reliable and trustworthy service providers for their home and personal needs. They realized that there was a gap in the market for a platform that could connect customers with verified and skilled service professionals.

To address this need, the founders started by creating a platform that would offer on-demand home services, such as beauty, home repairs, and cleaning. They began by manually onboarding service providers and manually matching them with customers. As the platform grew in popularity, they started using technology to automate the process of connecting customers with service providers.

The company initially operated under the name “UrbanClap” and focused on providing services in Delhi NCR, India. Over time, the company expanded its services to other cities in India and added new categories, such as wellness and professional services.

In 2019, the company rebranded as “Urban Company” to reflect its expanded range of services and its ambition to become a global platform for connecting customers with local service providers. Today, Urban Company operates in several cities in India, the UAE, Singapore, and Australia and has become one of the leading players in the Indian home services market.

Business Model of Urban Company

Urban Company operates as an online marketplace that connects customers with local service professionals in various categories such as beauty, wellness, home repairs, and professional services. The company follows a two-sided marketplace model where it brings together two distinct groups of users: service providers and customers.

Here’s how the Urban Company business model works:

Service providers: Urban Company’s service providers are skilled professionals who provide services to customers on the platform. To join the platform, service providers must go through a rigorous onboarding process that includes background checks, skill assessments, and verification of their identity and qualifications. Once onboarded, service providers can create a profile on the platform and offer their services to customers. Urban Company takes a commission on each transaction made on the platform.

Customers: Urban Company’s customers can access a range of services offered by service providers on the platform. Customers can browse and search for service providers based on their location, service category, and availability. They can then book services online, schedule appointments, and make payments securely through the platform. Urban Company also provides a rating and review system that allows customers to share feedback about their experiences with service providers.

Revenue model: Urban Company generates revenue by taking a commission on each transaction made on the platform. The commission rate varies depending on the service category and location. The company also offers value-added services, such as training and technology tools, to service providers for a fee.

Overall, Urban Company’s business model is based on creating a seamless and efficient marketplace that connects customers with local service providers and ensures quality and reliability of the services offered. The company’s success depends on building a strong network of service providers, providing excellent customer service, and continuously innovating to stay ahead of the competition.

Investors and Funding of Urban Company

Urban Company has received significant funding from several high-profile investors since its inception in 2014. Here are some of the key investors and funding rounds that Urban Company has raised to date:

Series A: In 2015, Urban Company raised $10 million in a Series A funding round led by SAIF Partners, with participation from Accel Partners and Kunal Bahl and Rohit Bansal, the co-founders of Snapdeal.

Series B: In 2016, Urban Company raised $25 million in a Series B funding round led by Bessemer Venture Partners, with participation from existing investors SAIF Partners, Accel Partners, and Snapdeal founders.

Series C: In 2017, Urban Company raised $21 million in a Series C funding round led by Vy Capital, with participation from existing investors.

Series D: In 2018, Urban Company raised $50 million in a Series D funding round led by Steadview Capital, with participation from existing investors.

Series E: In 2019, Urban Company raised $75 million in a Series E funding round led by Tiger Global, with participation from existing investors.

Series F: In 2020, Urban Company raised $50 million in a Series F funding round led by Steadview Capital, with participation from Vy Capital, Elevation Capital, and Tiger Global.

Series G: In 2021, Urban Company raised $255 million in a Series G funding round led by Prosus Ventures, with participation from DF International Partners, Wellington Management, and others.

Urban Company raises $190 million, joins unicorn club as valuation jumps to.$2 billion

Overall, Urban Company has raised over $440 million in funding from investors, including Sequoia Capital, Vy Capital, Elevation Capital, and others. The funding has allowed Urban Company to expand its services, enter new markets, and invest in technology and product development. The company is considered one of the most valuable startups in India, with a reported valuation of over $2 billion.

Growth and Revenue of Urban Company

Urban Company has experienced strong revenue growth since its inception in 2014. The company has reported steady increases in revenue, driven by expansion into new markets, the addition of new services, and increased adoption of its platform by customers and service providers.

Here are some key revenue and growth milestones for Urban Company:

In FY2016-17, Urban Company reported revenue of INR 47 crore (approximately $6.4 million USD).

In FY2017-18, the company reported revenue of INR 116 crore (approximately $15.7 million USD), representing a year-over-year growth rate of over 140%.

In FY2018-19, Urban Company reported revenue of INR 216 crore (approximately $29.3 million USD), representing a year-over-year growth rate of over 85%.

In FY2019-20, the company reported revenue of INR 376 crore (approximately $51 million USD), representing a year-over-year growth rate of over 74%.

In FY2020-21, despite the impact of the COVID-19 pandemic, Urban Company reported revenue of INR 263 crore (approximately $36 million USD), representing a year-over-year growth rate of over 22%.