Urban Company plans ₹3,000-crore IPO, draft papers likely to be filed by March-end: Report

The company has appointed bankers such as Goldman Sachs, Morgan Stanley and Kotak Mahindra Capital to oversee the IPO process, the report said.

The company was last valued at $2.1 billion in June 2021, when it raised ₹255 million from investors like Prosus, Wellington Management, and Dragoneers.

Urban Company is a technology platform that offers a variety of services at home. Its platform can be used to book services such as beauty treatments, massage therapy, haircuts, cleaning, plumbing, appliance repair, painting and carpentry.

It has over 50,000 partners who have delivered services to more than 12 million customers.

"This quarter (June 2024) marks our first profitable quarter, and we expect the revenue to annualize to Rs 1,140 crore. We are now fully profitable at the company level. India remains the primary market, contributing 90% of the total revenue, with the UAE close to profitability," Bhal had said during a conversation on the Environmental, Social, and Governance (ESG) report.

In December, market regulator Securities and Exchange Board of India (SEBI) had given nod to electric two-wheeler manufactuer Ather Energy to raise funds via IPO.

The proposed public offer is a fresh issue worth ₹3,100 crore and an offer for sale of 2.2 crore shares.