We are discussing a Consumer Internet Startup Urban Company Reported a Revenue of Rs 827 Crore with a 70% Decrease in Losses in FY24:
Urban Company is a home service marketplace and consumer internet startup that announced a fourfold increase in its operational revenue to Rs 827 crore in FY24. The startup provides a tech-enabled variety of home services, including booking for beauty treatments, haircuts, plumbing, skincare, etc. Commission charges for services are the major source of revenue for the company. The startup offers an all-in-one platform to help users access premium professional services from beauticians, carpenters, and more.
Entrackr mentioned in its report that the firm also earns its income through services, including dieticians and advertisements. The operating revenue for this financial year grew by 30 percent YoY to Rs 827 crore. The company reported a decrease in losses by 70 percent to Rs 93 crore for this financial year. The plan to control its losses by minimizing operating expenses and employee benefits appears to have reduced the losses by a huge margin.
The revenue and expense breakups in the business are yet to be announced. The startup data platform, Traxcn, mentioned that the company has secured over $376 million across 11 rounds with a post-money valuation of 2.18 billion USD as of 2021. This Accel-backed startup reported an annual revenue of Rs 726 crore during 2023.
Urban Company offers an online website and app-based platform to provide the best customer experience. This platform offers multiple local services and allows users to reserve local services such as home repair, wellness, and yoga training. The company saw a 37.3% growth in its revenue to Rs 281 crore for the first quarter of FY25. The startup claims to have an average monthly earning from more than 30 services in a month of Rs 33,469. The hourly earnings for female service providers account for 25 percent more than that of males on the application.
The company focuses on improving its business model while offering more innovative solutions. Entrackr estimates the total volume for the consumer service startup to be around Rs 3,300 crore in FY24. The startup operates in the B2C segment while strengthing its market presence. The company faces competition from other companies in the segment, including HouseJoy, Kandua, Concord Services, Quikr Services, and more. The platform claims to have served over 10 million customers across 103 cities and four countries.
Conclusion
Urban Company announced a 30 percent YoY increase in its operational revenue to Rs 827 crore in FY24. The startup offers tech-enabled home services, ranging from beauty treatments to plumbing. These commissions earned from services are the company’s primary revenue source. The company reported a 70 percent reduction in losses to Rs 93 crore, achieved by effective cost management strategies. With a clear focus on enhancing customer experience through its online platform, Urban Company has expanded its service offerings across 103 cities and four countries, meeting the needs of over 10 million customers. Urban Company remains well-positioned for continued growth and leadership in the home services industry.
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