Urban Company Demonstrates Robust Growth and Profitability

Urban Company, a leading online platform connecting consumers with service providers, has exhibited remarkable growth and financial performance in recent years. Since its inception, the company has consistently expanded its operations and market presence.

Financial Uplift

Despite the challenges posed by the pandemic, Urban Company achieved double-digit growth in fiscal year 2021. The company’s financial trajectory has been exceptionally positive since then, with operating revenue surging nearly fourfold from Rs 248 crore in FY21 to Rs 827 crore in FY24.

In the fiscal year ending March 2024, the company recorded a 30% year-on-year increase in revenue from operations, reaching Rs 827 crore. Notably, Urban Company also managed to significantly reduce its losses by 70%, from Rs 312 crore in FY23 to Rs 93 crore in FY24. This impressive turnaround can be attributed to improved margins and cost-cutting measures.

Quarterly Performance and Earnings

In the first quarter of the current fiscal year (FY25), Urban Company maintained its growth momentum, generating revenue of Rs 281 crore, representing a 37.3% increase compared to the same period in the previous year. The company also achieved a positive operating EBITDA of Rs 7 crore during this quarter.

The platform has empowered its service partners, with average monthly net earnings exceeding Rs 33,000 for those providing more than 30 services per month. Furthermore, the company has demonstrated a commitment to gender equality, with female service partners earning 23% more per hour than their male counterparts.

Valuation and Future Outlook

Urban Company recently completed a secondary sale of shares, resulting in a valuation between $2.2 billion and $2.5 billion. This development underscores the company’s strong market position and investor confidence.

With a solid financial foundation and a focus on enhancing service quality and partner earnings, Urban Company is well-positioned for continued growth and success in the home services market.

Please note that the financial figures mentioned in this report are based on the company’s business summary and may be subject to change upon the release of audited financial statements.