URBAN COMPANY LIMITED FILES DRHP WITH SEBI TO RAISE UP TO ₹ 1900 CRORE THROUGH IPO
Urban Company, which operates a technology-driven, full-stack online services marketplace for quality driven services and solutions across various home and beauty categories, has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”). The Company plans to raise funds through offer of equity shares (face value ₹1 each) through initial public offerings aggregating up to ₹19000 million (₹1900 Crore).
The offer comprises of fresh issue of equity shares aggregating up to ₹4290 million (₹429 crore) (The “Fresh Issue”) and offer for sale by Selling Shareholders aggregating up to ₹14710 million (₹1471 Crore) (The “Offer for Sale”).
Promoters of the company are Abhiraj Singh Bhal (Chairperson, Managing Director and Chief Executive Officer), Raghav Chandra (Executive Director and Chief Technology and Product Officer) and Varun Khaitan (Executive Director and Chief Operating Officer).
Investors include: Accel India IV (Mauritius) Limited, Elevation Capital V Limited (formerly known as SAIF Partners India V Limited), VYC11 Limited, Bessemer India Capital Holdings II Ltd., Naspers Ventures B.V., Internet Fund V Pte. Ltd., Think Investments PCC, Arohi Seed SPC – Arohi Seed SP-1, Wellington Hadley Harbor AIV Master Investors (Cayman) III, Ltd, ABG Capital and DF International Partners among others.
In nine months ended December 31, 2024, Urban company was the leading online full-stack home and beauty services platform in India, based on net transaction value (“NTV”), as per the Redseer Report
The company operate in 59 cities across India, United Arab Emirates (“UAE”), Singapore, and Kingdom of Saudi Arabia (“KSA”), of which 48 cities are in India, as at December 31, 2024. Company’s platform enables consumers to easily order services, including cleaning, pest control, electrician, plumbing, carpentry, appliance servicing and repair, painting, skincare, hair grooming and massage therapy. These services are delivered by trained and independent service professionals at the consumers convenience. In Fiscals 2023 and 2024, Urban company expanded into home solutions with the launch of water purifiers and electronic door locks, respectively, under the brand name ‘Native’.
The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). (“Listing Details”)
Kotak Mahindra Capital Company, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited and JM Financial Limited are the Book Running Lead Managers to the issue. (The “BRLMs”)