After the deal, the three founders Varun Khaitan, Abhiraj Singh Bhal, and Raghav Chandra will own an 8.22% share of the company each. Accel India will have a 14.40% stake, while Elevation Capital will hold a 14.56% stake.
Urban Clap, the on-demand home service provider has raised $190 million in the latest round of investments led by Prosus. After its previous round of funding in 2019 led by Tiger Global, it was valued at $933 Million. With the present round, its valuation has doubled to nearly $2 Billion, entering the unicorn club of start-ups.
Tiger Global, Vy Capital, and Steadview Capital, among others, also participated in the latest round of funding. Urban Clap has raised $370 million of equity capital from investors across various rounds so far. Other early investors also include Elevation Capital, Bessemer India, and Accel India. Prosus, leading the latest round has invested $61.93 million, while Wellington Management raised $33.2 million, and DF International $37 million, giving them each a stake of 3.18%, 1.7 %, and 1.90%, respectively.
After the deal, the three founders Varun Khaitan, Abhiraj Singh Bhal, and Raghav Chandra will own an 8.22% share of the company each. Accel India will have a 14.40% stake, while Elevation Capital will hold a 14.56% stake.
The Gurugram-based company was founded in 2014, is a home services provider with a pan India presence. It has also expanded into international markets such as Singapore, Australia, Abu Dhabi, and Dubai. Up from INR 106 crore in FY19, Urban Company posted revenue of around INR 216 crore in fiscal 2020.
Source: Business World
