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Mint
29-04-2025
- Business
- Mint
Upcoming IPO: Urban Company files DRHP with Sebi for ₹1,900 crore IPO
Urban Company, a provider of mobile app-based beauty and home care services, has filed draft papers with the capital markets regulator SEBI on Monday to raise ₹ 1,900 crore through an initial public offering (IPO). According to the Draft Red Herring Prospectus (DRHP), the company plans to raise ₹ 429 crore by issuing fresh shares, while existing investors intend to offload stakes worth ₹ 1,471 crore through an Offer for Sale (OFS). The investors participating in the OFS include Accel India, Elevation Capital, Bessemer India Capital Holdings II Ltd, Internet Fund V Pte. Ltd, and VYC11 Ltd. The company plans to allocate ₹ 190 crore for the development of new technology and cloud infrastructure, ₹ 70 crore towards lease payments for office spaces, ₹ 80 crore for marketing initiatives, and the remaining funds for general corporate purposes. Founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra, who collectively own about 21% of the company, will not be selling any shares in the IPO. Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, and JM Financial are the book-running lead managers for the offering. The company has reduced the total size of its IPO from the previously planned ₹ 3,000 crore. From the fresh capital it raises, Urban Company intends to allocate ₹ 190 crore for new technology development and cloud infrastructure, with the rest of the funds earmarked for office lease payments and marketing initiatives. Urban Company runs a technology-enabled, full-stack online marketplace offering high-quality home and beauty services. As of December 31, 2024, it operates in 59 cities across India, the United Arab Emirates, Singapore, and the Kingdom of Saudi Arabia, with 48 cities located in India. Its platform connects consumers with independent service professionals for a range of services including cleaning, pest control, electrical work, plumbing, carpentry, appliance repair and servicing, painting, skincare, hair grooming, and massage therapy, all at the customer's convenience.
Time of India
29-04-2025
- Business
- Time of India
Urban Company set to file DRHP for Rs 2,000-crore IPO
Accel-backed at-home services platform Urban Company is preparing to file its draft red herring prospectus ( DRHP ) in the coming days for a Rs 2,000-crore initial public offering (IPO), people aware of the development told ET. The offering will comprise a primary issue of about Rs 500 crore and a secondary share sale of approximately Rs 1,500 crore, they said. The company has trimmed the overall IPO size from an earlier planned Rs 3,000 crore with investors offloading a lesser stake in the company than originally planned. ET had first reported on April 10 that Urban Company had readjusted its IPO size. One of the persons said that some of the existing backers are likely to increase their stakes during the IPO, while adding that the company's founders Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra are not participating in the offer-for-sale (OFS) component. 'The company is not in need of a large primary fundraise to finance its expansion plans as it continues to generate cash,' the person said. According to Tracxn, Bhal, Khaitan and Chandra together own 20.7 per cent of the company. Global technology investor Vy Capital holds a 13.8 per cent stake, followed by Accel , which owns 12.7%, and Elevation Capital, which holds an 11.2 per cent stake. Urban Company appointed Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs and JM Financial as bankers to the issue. IPO preparation and financials Over the past year, the company closed multiple pre-IPO secondary rounds at a valuation of around $1.8 billion, people in the know said. Last July, investment firm Dharana Capital had acquired $50 million worth of Urban Company's shares in secondary transactions from early investors and employees. This included Titan Capital (led by Kunal Bahl and Rohit Bansal), which secured an almost 200-fold return on its Rs 57 lakh investment in Urban Company. In FY25, Urban Company is estimated to have grown 35-40 per cent year-on-year during the financial year FY25 and has turned profitable at a consolidated level. Urban Company narrowed its net loss for fiscal year 2024 to Rs 93 crore from Rs 312 crore in the previous financial year. Its operating revenue increased nearly 30 per cent year-on-year to Rs 827 crore. For the first quarter of fiscal year 2025, Urban Company reported a pre-tax profit. Besides at-home services, the company has also entered the direct-to-consumer space with the launch of its own water purifiers and smart locks. In March, it launched a service that allowed users to book a househelp in 15 minutes.
Time of India
29-04-2025
- Business
- Time of India
New players in UPI sweepstakes; Urban Company's IPO papers
New players in UPI sweepstakes; Urban Company's IPO papers Also in the letter: In fierce UPI fight, new players Flipkart-backed Navi, Cred start to gain ground Driving the news: How they're doing it: A broader financial services play beyond payments, with fintechs willing to subsidise UPI losses to cross-sell credit and bill payment services. Large incumbents like PhonePe, Google Pay, and Paytm have scaled back cashback offers, giving new entrants room to grow. Rising UPI volumes during the IPL season, fuelled by gaming and betting transactions. Big picture: Yes, but: Setting target: Also Read: Urban Company files DRHP for Rs 1,900-crore IPO Key details: Rs 429 crore via fresh issue; Rs 1,471 crore via secondary share sale by investors including Accel, Elevation, Tiger Global, and Vy Capital. Founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra will not sell shares. Use of funds: Financials: Ather Energy's IPO sees 16% subscription on first day By the numbers: 86 lakh shares bid against 5.34 crore on offer. RII (retail) portion subscribed 63%. NII (non-institutional) portion subscribed 16%. Background: Electronics parts PLI draws in Dixon, Tatas, Foxconn and others Details: Tata Electronics is targeting the enclosures segment; Dixon aims to apply for multiple categories including display and camera modules. Foxconn is exploring smartphone display module assembly. Startups step in, too: Other Top Stories By Our Reporters Dailyhunt parent VerSe's internal controls inadequate, says Deloitte audit: IPO-bound Meesho to change Indian parent entity's name from Fashnear Technologies: YouTube appoints Gunjan Soni as new India managing director: Global Picks We Are Reading Happy Tuesday! In the longstanding UPI battle, fresh players are giving incumbents a tough fight. This and more in today's ETtech Morning Dispatch.■ New PLI draws interest■ Deloitte's Dailyhunt red flags■ Meesho's pre-IPO refreshNew-generation UPI apps such as Navi, Cred, Bhim, and have been quietly gaining market share over the last six months, aggressively using cashbacks and incentives to carve out a slice of the growing digital payments data shows that these smaller apps have collectively nearly doubled their market share. While their overall percentage remains modest, the absolute gains in user numbers are and Google Pay still dominate UPI, controlling over 80% of all transactions. But the NPCI is pushing smaller players to break this remains non-remunerative and largely commoditised. Few fintechs may have the appetite to continue burning cash indefinitely to capture minister Nirmala Sitharaman on Monday underlined a target of one billion UPI transactions per day within 2–3 years and emphasised accelerating UPI's internationalisation through interoperable frameworks and wider global Singh Bhal, CEO, Urban CompanyAt-home services platform Urban Company has filed draft IPO papers for a Rs 1,900-crore offering, trimming the size from the Rs 3,000 crore planned Company plans to allocate Rs 190 crore towards tech development and cloud infrastructure, with the rest going towards office leases and company posted Rs 846 crore in operating revenue in the first nine months of FY25, up 41% year-on-year, and reported a net profit of Rs 242 Mehta, founder, Ather EnergyElectric two-wheeler maker Ather Energy opened its IPO on April 28 , garnering a 16% subscription on the first Rs 2,981-crore issue , priced at Rs 304-321 per share, is the first mainboard IPO of FY26. The offer closes on April firms including Dixon Technologies, Tata Electronics, and Foxconn plan to invest under the new electronics components PLI manufacturer Zetwerk is actively scouting partnerships across multiple categories, its electronics president Josh Foulger said.L-R, Umang Bedi and Virendra Gupta, founders, DailyhuntVerSe Innovation's auditor, Deloitte, has flagged issues in the internal controls of the parent of Dailyhunt and Josh for the financial year ended March 31, 2024, stating that these "material weaknesses" could potentially lead to misstatement in accounting aspects including operating expenses, trade payables and expense account ecommerce firm Meesho's board has approved changing the name of its Indian entity, Fashnear Technologies Pvt Ltd, to Meesho Pvt Ltd, according to regulatory filings made with the Registrar of said on Monday that it had appointed Gunjan Soni as the country's managing director. The US-based video platform said Soni, who brings over two decades of leadership experience spanning business, technology, marketing and ecommerce, will lead YouTube's growth and innovation efforts in India.■ Poop drones are keeping sewers running so humans don't have to ( Wired ■ Why Trump can't build iPhones in the US ( FT ■ China's chipmakers are catching up to Nvidia and TSMC. Here's how they compare ( Rest of World
Time of India
29-04-2025
- Business
- Time of India
Urban Company files DRHP for Rs 1,900-crore IPO
At-home services platform Urban Company on Monday filed the draft red herring prospectus (DRHP) for a Rs 1,900-crore initial public offering (IPO). The offering comprises a primary issue of Rs 429 crore and a secondary share sale of Rs 1,471 crore. Through the offer for sale (OFS) component, Urban Company's backers including Accel , Elevation Capital, Tiger Global and Vy Capital are offloading stakes. The company has trimmed the overall IPO size from an earlier planned Rs 3,000 crore. Of the total fresh capital it will raise, Urban Company plans to deploy Rs 190 crore towards new technology development and cloud infrastructure, while the remaining proceeds will be used towards office lease payments and marketing activities. Urban Company appointed Kotak Mahindra Capital , Morgan Stanley, Goldman Sachs and JM Financial as bankers to the issue. Its founders Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra – who together hold around 21% stake in the company – are not selling any shares in the IPO. In the OFS, Accel is selling 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 crore. ET broke the news about Urban Company's plan to file its DRHP in Monday's digital edition. IPO preparation and financials Over the past year, the company closed multiple pre-IPO secondary rounds at a valuation of around $1.8 billion, people in the know said. Last July, investment firm Dharana Capital had acquired $50 million worth of Urban Company's shares in secondary transactions from early investors and employees. This included Titan Capital (led by Kunal Bahl and Rohit Bansal), which secured an almost 200-fold return on its Rs 57-lakh investment in Urban Company. In 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 2023. Besides at-home services, the company has also entered the direct-to-consumer space with the launch of its own water purifiers and smart locks. In March, it launched a service that allowed users to book a house help in 15 minutes. Among other new-age firms that have filed or are in the process of going public, EV maker Ather Energy launched its public issue on Monday while edtech platform PhysicsWallah , filed through Sebi's confidential route. Others include omnichannel jewellery retailer BlueStone and smart wearables maker Boat .
Time of India
28-04-2025
- Business
- Time of India
Urban Company set to file DRHP for Rs 2,000-crore IPO
Urban Company, backed by Accel, is set to file its DRHP for a Rs 2,000-crore IPO, comprising a fresh issue of Rs 500 crore and a Rs 1,500 crore secondary share sale. Founders won't participate in the offer for sale portion of the IPO. The company, which has seen pre-IPO secondary rounds at a $1.8 billion. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Accel-backed at-home services platform Urban Company is preparing to file its draft red herring prospectus ( DRHP ) in the coming days for a Rs 2,000-crore initial public offering (IPO), people aware of the development told offering will comprise a primary issue of about Rs 500 crore and a secondary share sale of approximately Rs 1,500 crore, they company has trimmed the overall IPO size from an earlier planned Rs 3,000 crore with investors offloading a lesser stake in the company than originally had first reported on April 10 that Urban Company had readjusted its IPO of the persons said that some of the existing backers are likely to increase their stakes during the IPO, while adding that the company's founders Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra are not participating in the offer-for-sale (OFS) component.'The company is not in need of a large primary fundraise to finance its expansion plans as it continues to generate cash,' the person to Tracxn, Bhal, Khaitan and Chandra together own 20.7% of the company. Global technology investor Vy Capital holds a 13.8% stake, followed by Accel , which owns 12.7%, and Elevation Capital, which holds an 11.2% Company appointed Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs and JM Financial as bankers to the the past year, the company closed multiple pre-IPO secondary rounds at a valuation of around $1.8 billion, people in the know July, investment firm Dharana Capital had acquired $50 million worth of Urban Company's shares in secondary transactions from early investors and employees. This included Titan Capital (led by Kunal Bahl and Rohit Bansal), which secured an almost 200-fold return on its Rs 57 lakh investment in Urban FY25, Urban Company is estimated to have grown 35-40% year-on-year during the financial year FY25 and has turned profitable at a consolidated Company narrowed its net loss for fiscal year 2024 to Rs 93 crore from Rs 312 crore in the previous financial year. Its operating revenue increased nearly 30% year-on-year to Rs 827 crore. For the first quarter of fiscal year 2025, Urban Company reported a pre-tax at-home services, the company has also entered the direct-to-consumer space with the launch of its own water purifiers and smart locks. In March, it launched a service that allowed users to book a househelp in 15 minutes.
