UrbanClap FY19 revenue up 150% to Rs 116 Cr
UrbanClap Technologies, which owns and operates the eponymous home services marketplace, has reported strong top-line growth for the financial year ended March 31, driven by a jump in service orders and entry into new verticals.
The Gurgaon-headquartered company reported unaudited operating revenue of Rs 116 crore, up 150% compared to fiscal year 2018. Operating loss in FY 2019 widened by 26% to Rs 72 crore, compared to Rs 57 crore in the previous fiscal.
The company also said it had served 620,000 service orders in April, putting it on an annualised run rate of 7.4 million service orders for the current fiscal. The four-year-old company said the orders represented an annualised gross transaction value of about Rs 1,000 crore, and an annualised revenue run-rate of about Rs 200 crore.
Overall, in financial year 2019, UrbanClap said it had served about 3.3 million service orders, an almost three-fold jump compared to the previous fiscal, with gross transaction value coming in at about Rs 400 crore, compared to Rs 130 crore in fiscal 2018.
UrbanClap counts the likes of stage and sector-agnostic investment firm SAIF Partners, hedge fund Steadview Capital and Vy Capital among others as investors.
UrbanClap, founded by Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra in 2014, claims to have over 20,000 professionals on its platform. Its service segments are spread across beauty and spa, plumbing, carpentry, appliance repairs and home cleaning, among others.
“Our vision is to empower millions of professionals to deliver services at home like never experienced before. In the last financial year, we took great strides towards that mission, improving our capabilities in selection, onboarding, training and certification of service professionals. Additionally, we also invested in areas like product procurement, technology and financing, establishing our market leadership,” Bhal said.
The company, which is present in 10 cities across the country, also entered the United Arab Emirates, its first international destination, last financial year.
It has emerged as one of the best-funded startups in the country’s startup ecosystem, having raised $50 million in equity financing in November last year, at a valuation of about $450-$500 million. Till date, the company has raised a shade over $110 million, according to Crunchbase.
Source: ET Tech