🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

EXCLUSIVE: Prosus to double down on Urban Company with $30M investment

YourStoryYourStory · 10m ago
EXCLUSIVE: Prosus to double down on Urban Company with $30M investment
Medial

- Prosus, a major technology investor, plans to double its investment in home services platform Urban Company ahead of the startup's anticipated public listing next year. - Prosus will invest around $30 million in an all-secondary transaction at a flat $2.6 billion valuation, giving a partial exit to Bessemer Venture Partners. - Accel Partners and Elevation Capital, early backers of Urban Company, have put their plans for further stake sales on hold and will await the company's IPO next year. - Prosus' decision to increase its stake in Urban Company follows a substantial gain from its investment in Swiggy, another successful Indian startup. - Prosus is diversifying its stake beyond tech investments, with recent investments in Vastu Housing Finance and plans to invest in Bluestone, a jewellery platform. - Urban Company, founded by Abhiraj Bhal, Raghav Chandra, and Varun Khaitan, last raised funding in 2021 and has initiated conversations with investment banks for an IPO.

5

Related News

Exclusive: Urban Company converts into public company

EntrackrEntrackr · 6m ago
Exclusive: Urban Company converts into public company
Medial

Urban Company is preparing for a definitive initial public offering (IPO) this year. The company has taken its first significant step toward going public by converting into a public entity. The board of OfBusiness has approved a resolution to change its status to a public company and rename it from "Urbancalp Technologies India Private Limited" to "Urbanclap Technologies India Limited," according to its regulatory filing. Urban Company reportedly aims to raise Rs 3,000 crore (approximately $350 million) through its IPO and has hired Kotak Mahindra Bank, Goldman Sachs, and Morgan Stanley as its lead managers. It is likely to file draft IPO papers by the end of March. Ahead of the IPO, Prosus is planning to increase its investment in the company. Prosus is reportedly looking to invest $30 million (Rs 250 crore) in a secondary deal, allowing Bessemer Venture Partners to make a partial exit. The Abhiraj Bhal-led company concluded its last ESOP liquidity program in December 2021 at a valuation of $2.8 billion. Last year, it also completed a new buyback at a valuation of approximately $2.2 billion to $2.5 billion. According to startup data intelligence platform TheKredible, Urban Company has raised Rs 3,457.16 crore (more than $450 million) from investors including Tiger Global, Accel, Elevation Capital, and Dharana, among others. Urban Company operates in more than 60 cities across India, the UAE, Singapore, and Saudi Arabia. The company has a partner network of over 55,000 hand-picked service professionals. For the fiscal year ending in March 2024, Urban Company's revenue from operations grew 30% year-on-year to Rs 827 crore from Rs 637 crore in FY23. The Gurugram-based startup also reported a 70% decline in losses to Rs 93 crore in the last fiscal year.

Prosus in talks to pick up 5% stake in Rapido

YourStoryYourStory · 10m ago
Prosus in talks to pick up 5% stake in Rapido
Medial

- Prosus is in talks to purchase a 5% stake in Rapido, India's second-largest cab-hailing platform, at a flat valuation of $1 billion. - The deal is expected to be a fully secondary transaction, with Rapido's early investors looking to offload some stake. - Prosus has initiated the due diligence process, and a 5% stake would result in an investment of approximately $50 million. - Rapido has surpassed Ola to become the second-largest ride-hailing platform in India, with 2.5 million rides per day. - Rapido recently secured $200 million in funding to expand operations nationwide and improve its technology platform. - Prosus, an active investor in India, is also the largest shareholder in Swiggy and is considering increasing its stake in Urban Company with a $30 million investment.

Download the medial app to read full posts, comements and news.