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Urban Company concludes $63 Mn secondary led by Dharana Capital

EntrackrEntrackr · 1y ago
Urban Company concludes $63 Mn secondary led by Dharana Capital
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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Urban Company announces ESOP secondary sale worth Rs 203 Cr for 446 employees

EntrackrEntrackr · 1y ago
Urban Company announces ESOP secondary sale worth Rs 203 Cr for 446 employees
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).

Drone startup Vayudh raises $10 Mn led by Dharana Capital

EntrackrEntrackr · 2m ago
Drone startup Vayudh raises $10 Mn led by Dharana Capital
Medial

Drone startup Vayudh raises $10 Mn led by Dharana Capital Defence technology startup Vayudh has raised $10 million in a new round led by Dharana Capital. The round also saw participation from Deepinder Goyal (founder of Zomato), Ajay Aggarwal (MD, Action TESA), Sumit Jalan, LetsVenture, and Navam Capital. Florintree Advisors had invested in Vayudh earlier. The proceeds will be used to strengthen research, grow manufacturing capacity, and speed up deployments for Indian defence forces. Founded in 2016 by Tanmay Bunkar, Anuj Barnwal, and Sarita Ahlawat, Vayudh develops drone platforms for battlefield intelligence, surveillance, and reconnaissance. The startup has worked on swarm drone technology and logged over 300,000 autonomous flying hours. In 2023, it received the iDEX Grant to develop India’s smallest surveillance drone. Vayudh recently launched Atri, a nano surveillance drone. Vayudh builds and tests its drones in India and focuses on UAVs for defence and security.

Exclusive: Urban Company converts into public company

EntrackrEntrackr · 5m 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.

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