Home services marketplace Urban Company is one of the consumer internet startups that has been on the rise in terms of scale since its inception. Even amid the pandemic (FY21), the company achieved double-digit growth and since then, its operating revenue has grown almost four times, from Rs 2,480 crore in FY21 to Rs 8,270 crore in FY24.
According to Urban Company’s business profile, the company’s operating revenue is expected to grow 30% year-on-year to Rs 8,270 crore in the fiscal year ending March 2024 from Rs 6,370 crore in fiscal 2023.
The Gurugram-based startup also claimed that its losses fell by 70% to Rs 930 crore in FY24 from Rs 3,120 crore in FY23. Capital efficiencies due to improved margins and reduction in fixed costs appear to have significantly reduced the company’s losses.Urban Company did not disclose the revenue and expense breakdown in its business overview.
Note: These figures are unaudited and may differ from the actual balance sheet that will be released in the coming months.
The company recorded revenue of Rs 2,810 crore in Q1 FY25 on top of FY24, registering a growth of 37.3% compared to Q1 FY24, the business summary said. The Tiger Global-backed company’s operating EBITDA in the same period stood at Rs 7 crore.
According to Urban Company’s summary, the average monthly net income of service partners providing more than 30 services per month was Rs 33,469, while the average income of the top 20% was Rs 42,792.
According to the report, in the second half of FY23, female service partners on the platform earned 23% more per hour than their male counterparts. Notably, the company charges an average of about 25% commission from its service partners. As per Entrackr estimates, Urban Company’s gross merchandise volume (GMV) was around Rs 3,300 crore in FY24.
Prior to Urban Company’s disclosure of financial figures, a secondary sale of $63 million was completed, diluting the holdings of some investors, founders and employees. According to Entrackr’s sources, the new share buyback closed at a valuation of $2.2 billion to $2.5 billion.
