Indian home services marketplace Urban Company hits $2.1bn valuation after Series F funding

Urban Company, an India-based tech-enabled home services marketplace, has reached a valuation of $2.1 billion after raising $255 million in its Series F funding round.

The fundraising was led by Prosus Ventures, Dragoneer, and Wellington Management, with participation from Vy Capital, Tiger Global, and Steadview, according to an announcement.

The latest fund includes a primary capital infusion of $188 million and a secondary sale of approximately $67 million by select angels and early investors.

Founded in November 2014, Urban Company offers services such as beauty and spa at home, cleaning, plumbing, carpentry, appliance repair, painting, and more through its mobile app and website.

The company said it has more than 35,000 service partners across 35 cities in India, the UAE, Singapore, Australia, and Saudi Arabia.

It will utilize the new investment towards innovation, training, product development, enhance quality control, and safety measures for both partners and consumers.

“Urban Company strives to provide comfort and convenience at the doorstep of its consumers. Therefore, it has become the preferred option for all home services’ needs,” said CEO and co-founder Abhiraj Singh Bhal.

The company now focuses on upskilling and training its service partners. Additionally, the company empowers its partner network via financing and insurance, product procurement, training, and certification along with tech-led standardization of services.

The lead investor in the Series F round, Prosus Ventures, is a unit of Amsterdam-listed internet company Prosus, which in turn is controlled by Naspers, the influential South African company that owns media empire Media24.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India, Russia, and Brazil.

“Through their technology-enabled platform and keen focus on providing high-quality, trained service partners, Urban Company has been able to achieve the very difficult task of productizing services,” said Ashutosh Sharma, Head of Investment for India, Prosus Ventures.