scorecardresearchUrban Company losses more than double to ₹514 crore in FY22

Urban Company losses more than double to 514 crore in FY22

Updated: 17 Sep 2022, 09:15 AM IST
TL;DR.

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.

Indian rupee banknotes arranged for a photograph at a general store in Mumbai, India, on Wednesday, July 20, 2022. The rupee slid to all-time low of 80.06 per dollar on Tuesday, and has lost 2.4% over the past month, the third-worst performing Asian currency over the period. Photographer: Dhiraj Singh/Bloomberg

Indian rupee banknotes arranged for a photograph at a general store in Mumbai, India, on Wednesday, July 20, 2022. The rupee slid to all-time low of 80.06 per dollar on Tuesday, and has lost 2.4% over the past month, the third-worst performing Asian currency over the period. Photographer: Dhiraj Singh/Bloomberg

(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. 

First Published: 17 Sep 2022, 09:15 AM IST