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Dharana Capital mops up Rs 400 crore worth shares in Urban Company in secondary investment
Economic Times
·
1y ago
Medial
Dharana Capital, a subsidiary of Vy Capital, has acquired shares worth Rs 400 crore in Urban Company, an at-home services platform, through a secondary investment. This marks the largest employee stock ownership plan (Esop) liquidity in Urban Company's history. Vamsi Duvvuri, founder and managing partner of Dharana Capital, will join the board of Urban Company as a non-executive director. Urban Company has granted Esops to 1,593 employees and former employees so far and is on track to achieve profitability in FY25.
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Snapdeal founders exit Urban Company with ₹111 crore, a 200x ROI
Inshorts
·
1y ago
Medial
Kunal Bahl and Rohit Bansal, Snapdeal founders, exited Urban Company with 200x return on their 2015 seed investment of ₹57 lakh, now worth ₹111 crore. Their Titan Capital, backing over 200 startups, invested in companies like Ola and RazorPay. Meanwhile, Dharana Capital acquired ₹400 crore in Urban Company shares. Snapdeal founders plan to reinvest gains in startups.
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Urban Company concludes $63 Mn secondary led by Dharana Capital
Entrackr
·
1y ago
Medial
Vy Capital’s offshoot Dharana Capital has bought $50 million worth of secondary shares from employees, early investors and founders. Significantly, this transaction is a part of a $63 million secondary round in which Prosus also participated. This transaction also includes $25 million ESOP buyback from employees in May this year, said a company’s top official to Entrcakr. Following the secondary transaction, Vamsi Duvvuri, founder and managing partner of Dharana Capital, will also join the board of Urban Company as a non-executive director, as per the fund’s press statement. Dharana Capital is an India-focused fund which has backed several startups including Zopper, Lentra, NoBroker and Itilite. To date, Urban Company has granted ESOPs to 1,593 employees and around 784 of them participated in five buybacks, liquidating shares worth Rs 306 crore ($37 million). Urban Company concluded its last ESOP liquidity program in December 2021 at a valuation of $2.8 billion. As per Entrackr’s sources, the new buyback happened at a valuation of around $2.2 billion to $2.5 billion. As per startup data intelligence platform TheKredible, Urban Company posted a revenue of Rs 637 crore in FY23 and managed to reduce its losses by 40.1% during the fiscal year. The company also turned profitable at profit before tax level in April. Importantly, it also claimed to have achieved profit at PBT level in June quarter of FY25. Urban Company currently operates in 62 cities across India, the UAE, Singapore, and The Kingdom of Saudi Arabia. The company has a partner network of over 55,000 hand-picked service professionals.
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Dharana Capital bets $50 mn on Urban Company
VCCircle
·
1y ago
Medial
Dharana Capital, an India-focused investment firm, has invested $50 million in Urban Company through a secondary transaction. The firm bought shares from Urban Company's employees and other shareholders. Vamsi Duvvuri, founder and managing partner of Dharana Capital, will join Urban Company's board as a non-executive director. Urban Company, a home services marketplace, operates in 62 cities across India, the UAE, Singapore, and Saudi Arabia. The company reported a 45% increase in operating revenue in FY23 but also recorded a net loss. It is backed by investors such as Ratan Tata, Tiger Global, and Prosus.
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Kunal Bahl and Rohit Bansal exit Urban Company with 200 times return
Economic Times
·
1y ago
Medial
Snapdeal founders Kunal Bahl and Rohit Bansal have exited from at-home services platform Urban Company, selling their stake to Dharana Capital in a secondary transaction worth $50 million. The founders, along with some employees, made a full exit from the company, earning a 200 times return on their initial investment. The duo has made angel investments in 300 startups through Titan Capital and plans to reinvest their gains into other startups. Urban Company reported a jump in operating revenue for FY23 and is expected to turn profitable in FY25.
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Decoding Atlum Credo’s $40 Mn primary and secondary round
Entrackr
·
1y ago
Medial
Digital payments company Altum Credo recently announced $40 million in its Series C round led by Z3Partners and Oikocredit. Apart from primary capital, the company also offered partial exit to its backers. While the company didn’t disclose any details besides round size and investors, Entrackr has reviewed its regulatory filings to decode details such as round break up, shareholding, valuation, and secondary component in the deal. The board at Altum Credo has passed a special resolution to issue 300 equity and 1,99,99,700 Series C CCPS at an issue price of Rs 114 each to raise Rs 228 crore or $27 million as a primary capital, its regulatory filing accessed through the Registrar of Companies shows. Oikocredit and Z3 Partners (BII) invested Rs 80 crore and Rs 85 crore while British International Investment, Amicus Capital, and Avishkaar India pumped in Rs 26 crore, 12 crore, and 25 crore, respectively, in primary fundraising. According to the shareholder agreement between investors, there is also a secondary transaction where 1,03,96,040 shares have been sold worth Rs 118.5 or $14 million. Out of Rs 118.5 crore of secondary transactions, ABF (Avishkar Bharat Fund) sold Rs 79 crore worth of shares while promoters sold Rs 13.54 crore worth of shares. PS Pai and family purchased Rs 79 crore worth of shares in the secondary transactions from Avishakkar Bharat Fund and promoters. According to TheKredible’s estimates, the company has been valued at around Rs 1165 crore or $149 million post-allotment. Altum Credo provides financial accessibility for first-home buyers across semi-urban and rural areas of India. It provides home loans in the range of Rs 4 lakh to Rs 40 lakh for a tenure of 5-20 years. Following the fresh proceeds, Avishkaar remains the largest external stakeholder with 15.92% followed by Amicus Capital. Oikocredit and Z3 Partners command 7.62% and 8.09% stake of the company. Head to TheKredible for the complete shareholding pattern. While the company is yet to file its financial statements for FY24, Altum Credo’s revenue from operations scaled 102.4% to Rs 67.2 crore in FY23. As per TheKredible, its profit shot up 99% to Rs 8.95 crore during FY23.
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Urban Company Founders, Early Investors Offload Shares Ahead of IPO
OutlookIndia
·
3m ago
Medial
Urban Company's founders have sold shares worth Rs 779 crore in secondary transactions to existing investors as the company prepares for its IPO. Cofounders Abhiraj Bhal, Varun Khaitan, and Raghav Chandra sold Rs 259 crore in shares each, retaining a 6.67% stake individually. Investors like Prosus Ventures and Swiggy cofounder Sriharsha Majety purchased these shares. Additionally, early backers like Accel India and Tiger Global have offloaded shares ahead of Urban Company's public listing.
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Urban Company Raises INR 400 Cr From Dharana Capital Via Secondary Deal
Inc42
·
1y ago
Medial
Employees and other shareholders of Urban Company have sold their shares in the largest ESOP liquidity programme in the company's history. This transaction was facilitated by Dharana Capital. As part of the agreement, Vamsi Duvvuri, founder of Dharana Capital, will join Urban Company as a non-executive director. Urban Company, based in Delhi NCR, achieved profitability before tax in April 2024, according to CEO Abhiraj Singh Bhal.
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Urban Company announces ESOP secondary sale worth Rs 203 Cr for 446 employees
Entrackr
·
1y ago
Medial
Home service marketplace Urban Company has announced its largest employee stock secondary sale worth Rs 203 crore (nearly $25 million). This is the fifth ESOPs buyback wherein 446 employees have participated, according to the company’s press statement. As per Urban Company, beneficiary employees are between 23 and 56 years old, with 28% of beneficiaries being women. This sale will give the company’s employees an opportunity to liquidate their vested stocks. Dharana Capital (an offshoot of existing investor Vy Capital), along with existing investors Vy Capital and Prosus will be purchasing these shares from former and current staff. To date, Urban Company has granted ESOPs to 1,593 employees and around 784 of them participated in five buybacks, liquidating ESOPs worth Rs 306 crore ($37 million). The Abhiraj Bhal Singh-led company did its last ESOP liquidity program in December 2021 at a valuation of $2.8 billion. The company did not disclose the valuation of the latest buyback. However, Entrackr’s sources outline that the fresh buyback is happening at a valuation of around $2.2 billion to $2.5 billion. Just ahead of the fourth buyback, Urban Company achieved unicorn status in June 2021. It hasn’t raised any external capital since then. According to the startup data intelligence platform TheKredible, Urban Company posted a revenue of Rs 637 crore in FY23 and managed to reduce its losses by 40.1% during the fiscal year. The buyback of ESOPs came a month after it turned profitable at PBT (profit before tax) level. On a consolidated basis in April, the company posted PBT of Rs 7 crore. Entrackr had exclusively reported the development earlier this month. The company also expects its operations in UAE to become profitable in the coming months. As per sources, Urban Company is preparing for a public listing which is likely to happen in the second half of next year (2025).
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Schroder Fund enters Ixigo via Elevation stake acquisition
Entrackr
·
1m ago
Medial
Schroder Fund enters Ixigo via Elevation stake acquisition Elevation Capital (formerly SAIF Partners) sold Rs 135 crore ($15.7 million) worth of shares in Ixigo parent Le Travenues Technology via block deals on Thursday. This partial exit is estimated to have delivered a 25X return on investment for the venture capital firm. According to a filing accessed from the Bombay Stock Exchange (BSE), Elevation Capital offloaded 75.48 lakh shares at an average price of Rs 179.25 apiece. At the same time, global investor Schroder Fund made its entry into Ixigo by acquiring 53.68 lakh shares worth Rs 96.8 crore. Schroder Fund is a British multinational asset management firm with a presence in 37 locations across Europe, the Americas, the Middle East, and Africa. At present, it reportedly manages assets worth around $950 billion. Notably, the fund holds significant investments in Indian companies, particularly HDFC Bank and ICICI Bank, which together make up around 6–7% of its total portfolio. In the startup space, Schroder is one of the largest stakeholders in e-commerce-focused packaging company Bizongo and also participated in Agrostar’s $70 million Series D round. It has also backed Lenskart, FirstCry, Cultfit, Peel Works and Miko, among others. As of FY25, Elevation Capital held 5.46 crore shares in Ixigo (14.02%). After the partial sale, its stake will drop to 12.08%. This records Elevation’s fourth partial exit from Ixigo. Most recently, it sold 21.5 lakh shares for Rs 38.27 crore (about $4.5 million). Earlier, the firm had offloaded shares worth Rs 100 crore ($12 million) in a pre-IPO secondary deal and Rs 180 crore ($21 million) during the IPO. For the quarter ended March 2025, Ixigo reported a 72% year-on-year increase in revenue to Rs 284 crore, while profit rose 2.4X to Rs 17 crore. Its revenue grew 39% to Rs 914 crore, but net profit fell 18% to Rs 60.2 crore in FY25. At the close of trading on Thursday (June 19), Ixigo’s shares were priced at Rs 175, giving the company a market capitalization of Rs 6,885 crore.
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Urban Company DRHP: To raise Rs 1,900 Cr via primary issue and OFS
Entrackr
·
3m ago
Medial
Home services marketplace Urban Company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Monday. The IPO includes a fresh issue of equity shares worth Rs 429 crore (approximately $50 million) and an offer for sale (OFS) of equity shares amounting to Rs 1,471 crore, as per the DRHP. As part of the offer for sale, Accel India will offload shares worth Rs 433 crore, while Elevation Capital and Tiger Global will sell shares valued at Rs 346 crore and Rs 303 crore, respectively. VY Capital and Bessemer will divest shares worth Rs 216 crore and Rs 173 crore through the IPO. According to the DRHP, Elevation Capital is the largest external shareholder with 10.84%, followed by Accel India and VY Capital, which hold 10.5% and 9.18%, respectively. Steadview and Prosus each own 6.80%, while Bessemer and Tiger Global command 6.46% and 4.73% stakes, respectively. The firm’s co-founders — Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra — collectively own 20.01%, divided equally among the three. Urban Company plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by Kotak Mahindra, Morgan Stanley, Goldman Sachs, and JM Financial, who are acting as the book-running lead managers. Importantly, as an early-stage investor, Accel is set to secure a significantly larger exit than any other investor in Urban Company. Its exit value will be 16.6 times higher than Tiger Global’s, 5.6 times higher than VY Capital’s, and 97% higher than Bessemer India’s. Elevation Capital, which also invested in Urban Company during its early years, is expected to achieve a lucrative exit as well. According to the company, the net proceeds from the fresh issue will be utilized for the new technology, cloud infrastructure, lease payments, marketing, and other general corporate purposes. In the first nine months of FY25, the company posted revenue of Rs 846 crore and a restated profit of Rs 24.25 crore. For the full fiscal year ended March 2024, it reported revenue of Rs 828 crore and a loss of Rs 92.7 crore.
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