"Urban Company's public listing has also served as a partial exit opportunity for its early backers, with Accel reaping the largest gains, followed by Elevation Capital and Tiger Global. Accel, which invested at an average cost of ₹3.61 per share, is sitting on potential profits of nearly 45x, while Elevation, with an entry price of ₹5.39 per share, stands to make around 30x and Tiger Global is looking at comparatively modest gains, reportedly around 1.3 times its cost basis."
"One of the key reasons behind Urban Company's success over the past decade has been its ability to organize traditionally unorganized household services in India - including cleaning, plumbing, electrical work, massage, and beauty treatments. By digitizing these offerings through its app, the company has created an on-demand platform in a market that lacked standardization. In that sense, Urban Company enjoys a near monopoly, remaining the largest organized player in this space."
Urban Company is a Gurugram-based home services platform connecting users to at-home services from beauty treatments to appliance repair. The company debuted on the National Stock Exchange at ₹162.25 per share, 58% above its IPO price of ₹103, after an offering that was subscribed over 100 times. The $217 million public offering included $97 million in anchor investor commitments from firms such as Goldman Sachs, Dragoneer, Norges Bank, GIC, Nomura Amundi Funds, Steadview, Prosus, and WhiteOak, with domestic mutual funds also participating. The listing enabled partial exits for early backers and underscored Urban Company's position as the largest organized player digitizing previously unorganized household services in India.
Read at TechCrunch
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