Ratan Tata-backed UrbanClap posts higher revenue, narrower loss for FY18

Ratan Tata-backed UrbanClap posts higher revenue, narrower loss for FY18
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29 Oct, 2018

Delhi-based home services marketplace UrbanClap reported an increase in its operating revenue and pared its loss for the financial year 2017-18, filings with the Registrar of Companies show.

UrbanClap Technologies Pvt. Ltd, which runs the venture, reported operating revenues of Rs 46.7 crore for 2017-18, up from Rs 11 crore in the year prior. The firm’s losses shrank to Rs 56.49 crore in 2017-18 from Rs 67.18 crore in 2016-17, the filings stated.

The company’s expenses increased by 31% to Rs 109.96 crore from Rs 83.7 crore in the previous year. Total revenues stood at Rs 53.48 crore for the period under review, up from Rs 16.54 crore in 2016-17.

Backed by Bessemer Venture Partners and Ratan Tata among other investors, UrbanClap has claimed to have hit an annualised revenue run rate of Rs 100 crore.

In April this year, it received 4.5 lakh orders with an average order value of Rs 1,200-1,500 in April and gross transaction value of around Rs 50 crore.

Email queries sent to UrbanClap did not elicit any response till the time of publishing this report.

Founded in 2014 by Abhiraj Bhal, Varun Khaitan and Raghav Chandra. The company operates in eight cities and offers about 80 services.

In June 2017, the firm raised $21 million in a Series C funding round led by Global investment firm Vy Capital.

In its Series B funding round, which took place in November 2015, it secured $25 million (Rs 165 crore) from Bessemer Venture Partners, Accel Partners and SAIF Partners.

UrbanClap competes with Housejoy, which another heavily funded player in the home services marketplace segment, and Quikr.