Urban Company founders sell Rs 780 crore worth of shares through multiple pre-IPO secondary deals
Urban Company
's founders —
Abhiraj Singh Bhal
,
Raghav Chandra
, and Varun Khaitan — sold shares worth nearly Rs 780 crore through secondary transactions ahead of filing the at-home services platform's draft red herring prospectus (DRHP).
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According to the DRHP, each founder sold shares worth close to Rs 260 crore between September 2024 and February 2025 through multiple transactions.
Sources said a portion of the post-tax proceeds was used to fund payments for shares allotted to them during a 2019 rights issue. These shares were partly paid-up at the time and required full payment prior to the company going public.
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Undo
The founders are not participating in the offer-for-sale (OFS) component of the
IPO
.
Among the buyers of these shares are Prosus Ventures, Dharana Capital, Think Investments, former ITC executive Sanjiv Rangrass, and SailThru Ventures.
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Swiggy
founder and group CEO Sriharsha Majety also acquired Urban Company shares worth Rs 88 lakh.
Swiggy recently launched Pyng
, a marketplace focused on professional white-collar services such as legal, accounting, nutrition and therapy.
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Following these secondary transactions, Bhal, Chandra, and Khaitan collectively hold around 20% stake in Urban Company.
The company
filed for a Rs 1,900-crore IPO
on Monday, comprising a Rs 429-crore primary issue and a Rs 1,471-crore OFS by investors such as
Accel
, Tiger Global, and Elevation Capital.
Last year, Dharana Capital had picked up
shares worth nearly Rs 400 crore
from Urban Company's employees and early backers, including Snapdeal founders Kunal Bahl and Rohit Bansal. The duo reportedly exited with a nearly 200x return on their nine-year-old seed investment.
Turning profitable
Urban Company swung to a net profit of Rs 242 crore during the first nine months of FY25, compared to a net loss of Rs 58 crore during the same period a year earlier.
The company recorded a Rs 215-crore deferred tax credit during the period, but also turned profitable on a pre-tax basis.
Operating revenue grew 41% year-on-year to Rs 846 crore during April-December 2024.
Urban Company reported 6.51 million annual transacting customers and 48,169 average monthly active service professionals during the period.
Its Native business — which includes water purifiers and smart locks — recorded a net transaction value of Rs 102 crore and revenue of Rs 76 crore during the nine-month period.
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