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June 2021
12:33 AM IST
News Headlines
Multan knocks Quetta out of PSL with 110-run win        WTC Final: Kohli eyes legacy, Williamson prize for consistency in battle of equals        India extends USD 100 million Line of Credit to Sri Lanka for solar energy projects        China successfully launches first crew to new space station        Biden, Putin discuss ambassadors, nuclear weapons and more        Pre-monsoon showers in national capital        Sonia taken Covid jabs, govt should inoculate all instead of creating non-issues: Cong        PM should acknowledge his mistakes, seek expert help to rebuild India: Rahul        PM invites world to invest in India        Yuvraj Singh becomes face of PUMA Motorsport in India        Dutee expects Olympics spot on basis of world rankings if not through qualification timing        India's fuel demand rebounds in June        Power consumption grows 9.3 pc in first half of June        UK expands COVID-19 vaccination drive to cover all over-21s        China says nuclear fuel rods damaged, no radiation leak        Tourists delighted after Taj Mahal reopens after two months        Odisha extends partial lockdown till July 1, opens borders with Chhattisgarh, Jharkhand        PM to launch customised crash course for Covid frontline workers        Unseeded Krejcikova wins maiden Grand Slam title in Paris        Diesel at Rs 100 mark in Rajasthan; Karnataka sees Rs 100/ltr petrol        
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Business News
Urban Company raises USD 255 mn, valuation crosses USD 2.1 bn
 
New Delhi: Home services marketplace Urban Company on Wednesday said it has raised USD 255 million (about Rs 1,857 crore) in funding led by Prosus Ventures, Dragoneer and Wellington Management. The series F round - which also saw participation from Vy Capital, Tiger Global and Steadview - takes Urban Company's valuation to USD 2.1 billion.

The latest round includes a primary capital infusion of USD 188 million and a secondary sale of approximately USD 67 million by select angels and early investors, Urban Company CEO and co-founder Abhiraj Singh Bhal told PTI.

He added that Urban Company has raised about USD 330 million in primary capital till date.

Bhal said the funds will be used towards innovation, training, product development, enhanced quality control and safety measures for both partners and consumers.

The company also aims to increase its geographic footprint by entering the top 100 cities in India by 2022 and further expanding into international markets.

"With this funding, we plan to rapidly scale our business while continuing to invest further in the safety of our consumers and service partners, training of partners and product development...We will continue to penetrate existing markets while venturing into new overseas geographies, Bhal said.

Currently, Urban Company has more than 35,000 service partners across 35 cities in India, the UAE, Singapore, Australia and the Kingdom of Saudi Arabia. The marketplace offers a variety of home services to consumers across categories like beauty and personal care, cleaning services, plumbing, carpentry and appliance repairs.

Bhal said the company has also been focussed on upskilling and training its service partners. The number of partners is set to grow in line with its expansion into more cities.

Talking about the impact of pandemic on business, Bhal said while there was significant impact initially but the situation has changed now.

"After the lockdown was lifted last year, we saw momentum returning and double to pre-COVID levels. We expect strong growth momentum to continue as more people use our services while staying safe within their homes," he added.

Bhal noted that the company has undertaken a number of steps to ensure the safety of its partners, including taking care of their vaccination and providing safety gear.

He added that over 50 per cent of its partners have already been vaccinated, and by June-end, this number is expected to go up to 75-80 per cent.

Consumers can see the overall vaccination rate along with the vaccination status of the partner assigned when they book a service.


India extends USD 100 million Line of Credit to Sri Lanka for solar energy projects
India's fuel demand rebounds in June
Power consumption grows 9.3 pc in first half of June
Diesel at Rs 100 mark in Rajasthan; Karnataka sees Rs 100/ltr petrol
Rupee slips 13 paise to 73.02 against US dollar in early trade
Disruption in operations may lead to demand uncertainty in home improvement categories: Asian Paint
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RBI projects retail inflation at 5.1 pc in FY22 on supply-side measures, monsoon
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Google, Facebook updating website to reflect new grievance officer appointed under IT rules
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Honda 2wheelers India resumes production at its plants across India in a phased manner
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KERALA NEWS
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INTERNATIONAL NEWS
China successfully launches first crew to new space station
 Beijing/Jiuquan, Jun 17 (PTI) China successfully launched its longest crewed space mission to date o
Biden, Putin discuss ambassadors, nuclear weapons and more
UK expands COVID-19 vaccination drive to cover all over-21s
China says nuclear fuel rods damaged, no radiation leak
NATIONAL NEWS
Pre-monsoon showers in national capital
 New Delhi, Jun 17 (PTI) Several parts of the national capital received light to moderate pre-monsoon
Sonia taken Covid jabs, govt should inoculate all instead of creating non-issues: Cong
Tourists delighted after Taj Mahal reopens after two months
Odisha extends partial lockdown till July 1, opens borders with Chhattisgarh, Jharkhand
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