Indian gig marketplace Urban Company raises $255m, enters unicorn club

Urban Company, an Indian marketplace for gig work, has secured US$255 million in its latest round of funding round at a valuation of US$2.1 billion.

More funding details

• Lead investor: Prosus Ventures, Dragoneer Investment Group, and Wellington Management
• Returning investors: Vy Capital, Tiger Global Management, and Steadview Capital
• Stage: Series F

More company updates

• The latest round includes a primary capital infusion of US$188 million, along with a secondary sale of about US$67 million by angel and early investors.
• Urban Company said it notched 1 million bookings in March, hitting its highest levels to date. Co-founder Raghav Chandra attributed the surge in bookings to an increased focus on health and sanitization due to the Covid-19 pandemic as well as the startup’s investment in its platform’s technology.
• The new funds will be used for innovation, training, product development, quality control, and safety measures for both partners and consumers.
• Urban Compnay plans to expand into 100 cities in India and other international markets in the coming years.
• Currently, the marketplace has more than 35,000 service partners across 35 cities in India, Singapore, Australia, Saudi Arabia, and the United Arab Emirates.
• Some of Urban Company’s top bookings cover salon services for women, men’s grooming, air conditioning service, and disinfection, among others.
• It also plans to hire for its product, data and engineering teams, doubling its current headcount of about 150 to 300.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.