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Urban Company’s regulatory filings, its board has approved a resolution to rename the company from “Urbancalp Technologies India Private Limited” to “Urbanclap Technologies India Limited
This comes as the company is reportedly planning to submit its draft papers for an INR 3,000 Cr IPO
Ahead of the IPO, investor Prosus is also looking to increase its stake in the company, with its plans to invest $30 Mn (about INR 252 Cr) in Urban Company
Gurugram-based home services marketplace Urban Company
has taken a step towards potential initial public offering (IPO) this year by converting itself into a public entity.
As per Urban Company’s regulatory filings, its board has approved a resolution to rename the company from “Urbancalp Technologies India Private Limited” to “Urbanclap Technologies India Limited”.
Entrackr reported the development first.
This comes as the company is reportedly planning to submit its draft papers for an INR 3,000 Cr IPO before March ends.
As part of the IPO, the company will offer both new and existing shares, but most of the funds will come from fresh share sales.
To manage the process, it has brought on board Kotak Mahindra Capital, Goldman Sachs, and Morgan Stanley.
Ahead of the IPO, investor Prosus is also looking to increase its stake in the company, with its plans to invest $30 Mn (about INR 252 Cr) in Urban Company through a secondary deal, allowing Bessemer Venture Partners to partially exit.
In July last year, Urban Company secured INR 400 Cr ($50 Mn) in a secondary deal with Bengaluru-based venture capital firm Dharana Capital.
This deal enabled employees and other shareholders to sell their shares. Around the same time, Snapdeal cofounders Rohit Bansal and Kunal Bahl’s venture capital firm, Titan Capital, fully exited the startup.
The company also entered a joint venture (JV) with SMASCO (Saudi Manpower Solutions Company) in October last year to introduce a new home services platform in Saudi Arabia.
On the financial side, Urban Company reduced its losses by 70% in the financial year 2023-24 (FY24).
The company reported a pre-tax loss of INR 93 Cr in FY24, a significant drop from INR 312 Cr the previous year. Meanwhile, its operating EBITDA fell to INR 116 Cr in FY24, compared to INR 297 Cr a year earlier.
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