Latest News | Dharana Capital Invests Rs 400 Cr in Urban Company
Get latest articles and stories on Latest News at LatestLY. Venture capital firm Dharana Capital has invested Rs 400 crore to acquire an undisclosed stake in doorstep service provider Urban Company, a joint statement said on Wednesday.
New Delhi, Jul 17 (PTI) Venture capital firm Dharana Capital has invested Rs 400 crore to acquire an undisclosed stake in doorstep service provider Urban Company, a joint statement said on Wednesday.
Dharana Capital has acquired shares through a significant secondary transaction from employees and other shareholders.
"Dharana Capital, an India-focused investment firm,...announced the acquisition of shares worth over Rs 400 crore (about USD 50 million) in Urban Company (UrbanClap Technologies Private Limited) through a significant secondary transaction," the statement said.
According to the statement, this transaction is the largest ESOP liquidity in Urban Company's history.
"Urban Company, with its full-stack approach and focus on partner enablement, has built a strong, capital-efficient and durable business in a challenging local services market. We remain deeply impressed with the focus and execution of the UC founders and team," Dharana Capital founder and Managing Partner Vamsi Duvvuri said.
Duvvuri will also join the board of Urban Company as a Non-Executive Director.
"We are very excited to partner with Dharana Capital and have Vamsi Duvvuri join our Board of Directors. Vamsi has been a strong partner to Urban Company for a long time, and we look forward to working with him even more closely in the future," Urban Company CEO and co-founder Abhiraj Singh Bhal said.
Singh last month said that Urban Company has achieved profitability in the April-June quarter and has achieved an annualised revenue run rate of around Rs 1,140 crore in the fiscal year 2025.
Urban Company's revenue from operations in FY23 grew by 45 per cent to Rs 637 crore from Rs 438 crore a year ago. The company had posted a narrowing of loss before taxes to Rs 308 crore in FY23 from Rs 514 crore in FY22.
Urban Company operates in around 56 cities in India at present through over 55,000 partners who provide services at home from repair, home cleaning, painting, grooming etc.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)