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UrbanClap valuation nearly doubles to $843.40 mn in 8 months

UrbanClap valuation nearly doubles to $843.40 mn in 8 months
Photo Credit: 123RF.com

Delhi-based home services marketplace UrbanClap, which raised $75 million (Rs 520 crore) in a Series E round last week, is being valued $843.40 million, according to filings with the ministry of corporate affairs.

UrbanClap had raised $50 million in its Series D round eight months ago, and the valuation was pegged at $445 million-$450 million after the round, according to TechCircle estimates.

Based on the RoC filings, it can be said that UrbanClap's valuation has nearly doubled since the company raised Series D.

UrbanClap has allotted preference shares of Rs 10 each at a premium of Rs 1,17,058 and equity shares of Rs 10 each were issued at a premium of Rs 1,17,067, according to the RoC filing. 

Tiger Global invested $20.7 million for 50 equity shares and 12,327 series E CCPS (cumulative convertible preference shares), the filings show. 

While VY Capital bought 1,375 CCPS for $2.3 million,  Steadview along with its subsidiary ABG capital invested $11.5 million for 6,876 CCPS.

Last month, the company raised about Rs 1.5 crore from former Flipkart chief people officer Mekin Maheshwari and SAB Holdings, an investing company of high net worth investor Anjali Bansal. 

UrbanClap

Founded in 2014 by Abhiraj Bhal, Varun Khaitan and Raghav Chandra, UrbanClap is an online marketplace for local services, including beauty services, appliance and basic home repairs, packers and movers, event management, health and wellness, and salon. It also has service verticals that include house-cleaning, pest control and painting.

UrbanClap currently operates in Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi-NCR, Hyderabad, Jaipur, Kolkata, Mumbai and Pune. 

Last year, it made its initial overseas foray in Dubai and started operations in Abu Dhabi this year. 

UrbanClap recently reported 2.5 times growth in operating revenue even as operating losses widened for the year ended March 2019.

UrbanClap competes with home services marketplace Housejoy, online classifieds company Quikr and local business search engine JustDial.

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