Urban Company IPO gets shareholders go-ahead, to raise ₹528 crore via fresh issue: Report

Urban Company IPO: Home services provider Urban Company has received a go-ahead from its shareholders to raise ₹528 crore via fresh issuance of equity shares through an initial public offering (IPO).

"The company intends to list its equity shares on one or more stock exchanges to enable the shareholders to have a formal marketplace for dealing with such equity shares," the startup said in a Registrar of Companies (RoC) filing, adding, "The company proposes to create, offer, issue and allot fresh equity shares of the Company bearing face value ₹1 each up to an aggregate of ₹528 crore ($60.6 million)."

The company had raised $255 million in June 2021 with a valuation of $2.1 billion.

Urban Company, a tech-based platform, offers various at-home services. The platform allows one to book services like beauty treatments, haircuts, massage therapy, plumbing cleaning, carpentry, and painting.

The company had narrowed its net loss for the financial year 2023-24 to ₹93 crore as compared to ₹312 crore in the previous fiscal. It had reported profitability in the first quarter of FY25 with a revenue of ₹282 crore.