(PTI) Home services marketplace Urban Company, formerly Urban Clap, on Friday said its consolidated losses more than doubled to ₹514 crore in FY22.
According to a regulatory filing, the Accel India- and Tiger Global-backed company had posted a loss of ₹249 crore in FY21.
The consolidated income of the unicorn firm grew by 75.7 per cent to ₹509.2 crore in FY22 from ₹289.8 crore in the preceding financial year.
According to Tofler, parent firm of the company Urbanclap Technology India Private Limited has posted a loss of ₹404 crore during FY22, which is 95 per cent more compared to previous fiscal, and the revenue of the company increased by 36 per cent to ₹387 crore.
"Urbanclap Technology India Private Limited, a home services marketplace, reported its revenues for the financial year 2021-22 as ₹387 crore, a 36 per cent jump since the last financial year. The company further reported a net loss of ₹404 crore during the same fiscal. This is a 95 per cent increase from the last financial year. The company's total expenses for the fiscal were reported as ₹791 crore," Tofler said.
When contacted, Urban Company spokesperson said: "Those (Tofler's) numbers don't reflect the full-scale of Urban Company's India operations."
The Urban Company has raised about USD 330 million (about ₹2,400 crore as per exchange rate in June 2021) in primary capital till June 2021.
In June, Urban Company had last raised USD 255 million (about ₹1,857 crore) in a funding round at a valuation of USD 2.1 billion.
The funding round included a primary capital infusion of USD 188 million and a secondary sale of approximately USD 67 million by select angels and early investors.