Home service provider Urban Company‘s revenue from operations has grown 30% YoY from Rs 637 crore in FY23 to Rs 827 crore in FY24 as per its unaudited financial statements.
The Tiger Global-backed company’s revenue for the first quarter of FY25 grew by 37.3% from Rs 204.5 crore in Q1 FY24 to Rs 281 crore. Its EBITDA was Rs 7 crore in Q1 FY25.
The average monthly net earnings of its services partners delivering more than 30 services monthly, was Rs 33,469 crore with the average earning of the top 20% being Rs 42,792 crore. Urban Company’s GMV was Rs 3,300 crore in FY24. The company’s summary stated that female service partners’ hourly earnings were 23% more than males in H2 CY23. The commission charged by the platform from its service partners was 25% on average.
While the profit was noted at Rs 12 crore in FY24, the losses came down by 70% to Rs 93 crore in FY24 from Rs 312 crore in FY23 on account of capital efficiency and reduced costs.
Cofounded in 2014 by Abhiraj Singh Bhal, Raghav Chandra, and Varun Khaitan, Urban Company offers house maintenance, and beauty & wellness services such as plumbing, electrical repair, cleaning, pest control, and salon & spa services respectively.
The company had recently concluded a $63 million secondary sale where some investors and founders diluted their shares. The buyback concluded at a valuation falling in the range of $2.2 to $ 2.5 billion. Cofounders of e-commerce platform Snapdeal and Investment fund Tital Capital, Kunal Bahl and Rohit Bansal, exited Urban Company with almost 200x return on their initial investment nine years back.
The Gurugram-based company had shown decent growth even in the pandemic (FY21) and its consistent growth establishes it as the leading platform in house maintenance and beauty services.
