In 2014, three IIT graduates—Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra—faced a frustratingly common problem: finding a reliable plumber. What followed was UrbanClap, now Urban Company, India’s largest tech-enabled home services marketplace. A decade later, the company is prepping for an IPO—backed by marquee investors and data that shows a bold, if loss-laden, growth trajectory.
Let’s unpack the evolution of this unicorn with numbers that matter.
The Growth Story in Numbers
Revenue vs. Profit (₹ Cr)
From FY2020 to FY2023, Urban Company’s revenue surged from ₹263 Cr to ₹726 Cr—a near 3x jump. However, profitability continues to elude:
| Year | Revenue (₹ Cr) | PAT (₹ Cr) |
| 2020 | 263.08 | -155.18 |
| 2021 | 289.78 | -249.28 |
| 2022 | 509.17 | -514.14 |
| 2023 | 726.45 | -312.48 |
While losses peaked in FY22, FY23 shows a promising narrowing of deficits, even as revenue grew 42% YoY.
Funding: Capital-Heavy Confidence
Urban Company has raised funds almost every year since inception, totaling over ₹2,500 Cr. The biggest inflow came in April 2021 (Series F) with ₹1,410 Cr.
Notable investors include:
- Elevation Capital (10.84%)
- Accel (10.51%)
- Steadview, Naspers, Bessemer, and Wellington
Expense Breakdown: Where the Money Goes
FY24 expenses reflect a heavy service and ops footprint. Major line items:
- Salaries & Wages: ₹261 Cr
- Stock-Based Payments: ₹57 Cr
- Miscellaneous Ops: ₹406 Cr
These indicate the company’s commitment to quality—upskilling, tech infra, and professionalizing the blue-collar workforce.
Shareholding Snapshot
While founders still hold a combined 20%, institutional investors dominate the cap table.
| Investor | % Pre-IPO Holding |
| Elevation Capital V | 10.84% |
| Accel India IV | 10.51% |
| VYC11 Ltd / VYC23 Ltd | ~11% |
| Steadview, Naspers, Bessemer | 6-7% each |
| Founders (Abhiraj, Varun, Raghav) | 6.67% each |
Takeaways
- Urban Company is betting on the “platform + professionalism” model for India’s service economy.
- While still in the red, revenue growth and expense rationalization hint at a more disciplined fiscal roadmap.
- The IPO will test public markets’ appetite for customer-first, margin-later platforms—in a segment not historically friendly to tech disruption.
As the IPO nears, all eyes will be on whether Urban Company can cross the profitability chasm while scaling operations across markets and verticals.
Urban Company: From Plumbers in Delhi to IPO Dreams
In 2014, three IIT graduates—Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra—faced a frustratingly common problem: finding a reliable plumber. What followed was UrbanClap, now Urban Company, India’s largest tech-enabled home services marketplace. A decade later, the company is prepping for an IPO—backed by marquee investors and data that shows a bold, if loss-laden, growth trajectory.
Let’s unpack the evolution of this unicorn with numbers that matter.
The Growth Story in Numbers
Revenue vs. Profit (₹ Cr)
From FY2020 to FY2023, Urban Company’s revenue surged from ₹263 Cr to ₹726 Cr—a near 3x jump. However, profitability continues to elude:
| Year | Revenue (₹ Cr) | PAT (₹ Cr) |
| 2020 | 263.08 | -155.18 |
| 2021 | 289.78 | -249.28 |
| 2022 | 509.17 | -514.14 |
| 2023 | 726.45 | -312.48 |
While losses peaked in FY22, FY23 shows a promising narrowing of deficits, even as revenue grew 42% YoY.
Funding: Capital-Heavy Confidence
Urban Company has raised funds almost every year since inception, totaling over ₹2,500 Cr. The biggest inflow came in April 2021 (Series F) with ₹1,410 Cr.
Notable investors include:
- Elevation Capital (10.84%)
- Accel (10.51%)
- Steadview, Naspers, Bessemer, and Wellington
Expense Breakdown: Where the Money Goes
FY24 expenses reflect a heavy service and ops footprint. Major line items:
- Salaries & Wages: ₹261 Cr
- Stock-Based Payments: ₹57 Cr
- Miscellaneous Ops: ₹406 Cr
These indicate the company’s commitment to quality—upskilling, tech infra, and professionalizing the blue-collar workforce.
Shareholding Snapshot
While founders still hold a combined 20%, institutional investors dominate the cap table.
| Investor | % Pre-IPO Holding |
| Elevation Capital V | 10.84% |
| Accel India IV | 10.51% |
| VYC11 Ltd / VYC23 Ltd | ~11% |
| Steadview, Naspers, Bessemer | 6-7% each |
| Founders (Abhiraj, Varun, Raghav) | 6.67% each |
Takeaways
- Urban Company is betting on the “platform + professionalism” model for India’s service economy.
- While still in the red, revenue growth and expense rationalization hint at a more disciplined fiscal roadmap.
- The IPO will test public markets’ appetite for customer-first, margin-later platforms—in a segment not historically friendly to tech disruption.
As the IPO nears, all eyes will be on whether Urban Company can cross the profitability chasm while scaling operations across markets and verticals.
