Latest news with #AbhirajSinghBhal
Business Mayor
12-05-2025
- Business
- Business Mayor
Urban Company ties up with Noon to expand at-home services in UAE, Saudi Arabia
The Gurugram-based company already operates in the UAE and Saudi Arabia through its own app. The partnership will help it grow its customer base by allowing users to book, manage, and rebook service professionals within Noon's digital platform. 'Partnering with Noon marks a step in our mission to bring quality home services to households in the Middle East. With Noon's scale and customer relationships, we're excited to build a seamless, tech-enabled service experience that redefines what great service looks like in Saudi Arabia and the UAE,' said Abhiraj Singh Bhal, chief executive and cofounder, Urban Company. Urban Company primarily functions within two major categories: beauty and wellness, and home repairs and maintenance. In the UAE, it will provide a range of services including cleaning and laundry; AC, plumbing, and electrical repairs; at-home salon, massage, and grooming services for both men and women; as well as babysitting, pet care, ironing, and packing. In Saudi Arabia, the offerings will include home cleaning, maintenance, and at-home massage and nail care services for women. 'With Urban Company's quality and Noon's reach, we're building a new standard for on-demand services — fast, reliable, and built around the customer,' said Faraz Khalid, chief executive, Noon. On April 28, Urban Company filed the draft red herring prospectus (DRHP) for a Rs 1,900-crore initial public offering (IPO). The company has trimmed the overall IPO size from an earlier planned Rs 3,000 crore. Read More Bao Fan: Billionaire tech banker in China reported missing In the first nine months of FY25, Urban Company clocked operating revenue of Rs 846 crore, marking a 41% year-on-year (YoY) growth, ET had reported. The company also turned profitable in this period, posting a net profit of Rs 242 crore, against a loss of Rs 58 crore in April-December 2023.
Time of India
12-05-2025
- Business
- Time of India
Urban Company ties up with Noon to expand at-home services in UAE, Saudi Arabia
At-home services platform Urban Company has partnered with Saudi Arabia-based digital ecommerce platform Noon to deliver home services to users in the UAE and Saudi Arabia through the Noon app. #Operation Sindoor The damage done at Pak bases as India strikes to avenge Pahalgam Why Pakistan pleaded to end hostilities Kashmir's Pahalgam sparks Karachi's nightmare The rollout will begin soon in both countries, with plans to extend the services to more regions, the company said. The Gurugram-based company already operates in the UAE and Saudi Arabia through its own app. The partnership will help it grow its customer base by allowing users to book, manage, and rebook service professionals within Noon's digital platform. 'Partnering with Noon marks a step in our mission to bring quality home services to households in the Middle East. With Noon's scale and customer relationships, we're excited to build a seamless, tech-enabled service experience that redefines what great service looks like in Saudi Arabia and the UAE,' said Abhiraj Singh Bhal, chief executive and cofounder, Urban Company. Urban Company primarily functions within two major categories: beauty and wellness, and home repairs and maintenance . In the UAE, it will provide a range of services including cleaning and laundry; AC, plumbing, and electrical repairs; at-home salon, massage, and grooming services for both men and women; as well as babysitting, pet care, ironing, and packing. In Saudi Arabia, the offerings will include home cleaning, maintenance, and at-home massage and nail care services for women. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 'With Urban Company's quality and Noon's reach, we're building a new standard for on-demand services — fast, reliable, and built around the customer,' said Faraz Khalid, chief executive, Noon. On April 28, Urban Company filed the draft red herring prospectus (DRHP) for a Rs 1,900-crore initial public offering (IPO). The company has trimmed the overall IPO size from an earlier planned Rs 3,000 crore. In the first nine months of FY25, Urban Company clocked operating revenue of Rs 846 crore, marking a 41% year-on-year (YoY) growth, ET had reported. The company also turned profitable in this period, posting a net profit of Rs 242 crore, against a loss of Rs 58 crore in April-December 2023.
Time of India
04-05-2025
- Business
- Time of India
Here's how Urban Company plans to use its IPO proceeds
Rs 190 crore for new technology development and cloud infrastructure; Rs 70 crore on office leases; Rs 80 crore for marketing activities; A portion will be spent on general corporate purposes. Live Events At-home services provider Urban Company plans to list on Indian stock exchanges and raise Rs 1,900 crore. Proceeds from the maiden offer will go into developing new technology, building cloud infrastructure, leasing offices, and marketing purposes, according to the draft papers filed with the markets Urban Company initial public offering (IPO) consists of a fresh issue of shares worth Rs 429 crore and offer for sale by existing shareholders of Rs 1,471 crore, the draft red herring prospectus (DRHP) shows. Accel , Tiger Global, Elevation Capital, Vy Capital and Bessemer Venture Partners are selling their stake in the IPO and will receive the OFS proceeds. Urban Company will utilise the net proceeds from the fresh issue for various the Rs 429 crore from fresh issue, Urban Company has will spend:These funds will be deployed between fiscals 2026 and 2028, Urban Company mentioned in the technology development, Urban Company will spend Rs 130 crore over the three fiscals to develop multi-category checkout, better recommendation systems for home improvement and decor solutions, and enhance products under its Native business with Internet of Things (IoT) of the technology spend will be towards engineers' salaries. Another Rs 60 crore will be on cloud services, based on the annual payment Abhiraj Singh Bhal, Raghav Chandra and Varun Khaitan will not sell stake in the book-built offer. They had sold shares worth nearly Rs 780 crore through secondary transactions in the run-up to the the OFS, Accel will sell a block of shares worth Rs 433 crore, while Elevation Capital is looking to offload stakes worth Rs 346 crore. Tiger Global and Vy Capital are selling a stake worth Rs 303 crore and Rs 216 crore, respectively. Bessemer will sell shares worth Rs 173 the first nine months of FY25, Urban Company clocked operating revenue of Rs 846 crore, marking a 41% year-on-year growth. The Gurgaon-based company also turned profitable in this period, posting a net profit of Rs 242 crore, against a loss of Rs 58 crore in April-December Company reported 6.51 million annual transacting customers and 48,169 average monthly active service professionals during the period.
Mint
02-05-2025
- Business
- Mint
Urban Company starts winding down its Saudi subsidiary, transfers ops to new JV
Tiger Global-backed Urban Company is winding down its step-down subsidiary in Saudi Arabia as it was proving financially unsustainable, according to its draft red herring prospectus (DRHP). The home-services company said it was transferring its Saudi operations to a joint venture it launched in October 2024, with an intent to wind down the step-down subsidiary, Urban Company Arabia for Information Technology (UCAIT). UCAIT reported a loss before tax of ₹ 23.45 crore for the nine months ending December 2024, up from ₹ 8.29 crore in the year-ago period. Its loss for the fiscal year 2023-24 stood at ₹ 14.08 crore, for 2022-23 at ₹ 17.77 crore, and for 2021-22 at ₹ 10.10 crore. 'We have started operations through our joint venture entity, i.e., Waed Khadmat Al-Munzal for Marketing, located in the KSA with effect from 1 January 2025 with an intent to eventually wind up the step-down subsidiary, Urban Company Arabia for Information Technology ('UCAIT'),' the DRHP said. The DRHP suggests that UCAIT was Urban Company's earlier operational arm in Saudi Arabia, as indicated by its standalone financials. Urban Company's expansion into Saudi Arabia was announced in 2024 through a joint venture with Saudi Manpower Solutions Company (SMASCO). In October 2024, the two companies launched Waed Khadmat Al-Munzal for Marketing Co., a partnership aiming to strengthen and enhance the domestic service landscape in the Kingdom of Saudi Arabia. While not explicitly stated, the timeline and financial details imply that the joint venture may replace UCAIT in this capacity moving forward. It currently operates in three international markets: the United Arab Emirates (UAE), Singapore, and the Kingdom of Saudi Arabia. The company previously had operations in Australia but exited that market in 2022 after three years of activity. Urban Company did not immediately respond to Mint's emailed queries. It filed its DRHP for a ₹ 1,900 crore initial public offering (IPO) with the Securities and Exchange Board of India (Sebi) on 28 April. The listing comprises a fresh issue worth ₹ 429 crore and an offer for sale (OFS) worth ₹ 1,471 crore. The OFS will see partial exits from early backers. Accel India is set to be the largest seller, aiming to raise up to ₹ 433 crore, followed by Elevation Capital at ₹ 346 crore, Tiger Global at ₹ 303 crore, VYC11 at ₹ 216 crore, and Bessemer India at ₹ 173 crore. In the lead-up to the IPO, Urban Company's co-founders—Abhiraj Singh Bhal, Raghav Chandra, and Varun Khaitan—sold shares worth approximately ₹ 780 crore through secondary transactions between September 2024 and March 2025. These transactions were made to existing backers, including Prosus Ventures, Dharana Capital, Think Investments, and others. The founders will not participate in the IPO's OFS component. In terms of financial performance, Urban Company reported a profit before tax of ₹ 27.1 crore in the first nine months of 2024-25, a turnaround from a loss of ₹ 57.8 crore in the year-ago period. Its co-founder and chief executive Abhiraj Singh Bhal had acknowledged that international operations such as Saudi Arabia and Singapore would require 'more time' to achieve profitability during a media interaction at the CII Annual Business Summit in 2024. Bhal had noted that while the UAE market is approaching break-even, Saudi Arabia remains in 'investment mode', given the company's comparatively recent entry and the need for deeper localisation. He also underscored the complexities of international expansion, cautioning that global ambitions can divert focus from India's vast and rapidly growing domestic market. First Published: 2 May 2025, 06:00 AM IST
Time of India
29-04-2025
- Business
- Time of India
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). #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Google Brain Co-Founder Breaks His Silence: Read These 5 Books And Turn Your Life Around Blinkist: Andrew Ng's Reading List 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. Live Events 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. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 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.
