News on Medial

Urban company claims Rs 827 Cr revenue in FY24; 70% cut in losses

Entrackr · 5m

Home service marketplace Urban Company is one of the consumer internet startups which has reported an upward trajectory in terms of scale since its inception. Even during the pandemic (FY21), the firm managed a double digit growth and since then its operating revenue grew almost four-fold: Rs 827 crore in FY24 from Rs 248 crore in FY21. Urban Company’s revenue from operations grew 30% year-on-year to Rs 827 crore in the fiscal year ending March 2024 from Rs 637 crore in FY23, according to the firm’s business summary. The Gurugram-based startup also claimed a 70% decline in its losses which shrunk to Rs 93 crore in FY24 from Rs 312 crore in FY23. Capital efficiency on the back of improved margin and cut in fixed costs appear to have reduced the firm’s losses drastically. Urban Company didn’t offer revenue and expense breakups in the business summary. Caveat: These numbers aren’t audited and may vary with the actual balance sheet which will be out in the coming months. Besides FY24, the company recorded Rs 281 crore in revenue during the first quarter of FY25, marking a 37.3% growth compared to Q1 FY24, mentions the business summary. The Tiger Global-backed firm’s operating EBITDA stood at Rs 7 crore in the same period. As per Urban Company’s summary, the average monthly net earnings of service partners delivering more than 30 services in a month was Rs 33,469 while the average earning of the top 20% stood at Rs 42,792. The hourly earnings of female service partners are 23% more than males on the platform in H2 CY23, said the summary. Significantly, the company charged around 25% average commission from their service partners. As per the Entrackr estimates, Urban Company had a total volume (GMV) of around Rs 3,300 crore in FY24. The disclosure of financial numbers by Urban Company was preceded by a completion of a $63 million secondary sale where some backers, founders, and staff diluted their holdings. As per Entrackr’s sources, the new buyback concluded in a valuation range of $2.2 to $2.5 billion.