Urban Company raises $190 mn at $2-bn valuation, joins unicorn club

Urban Company, India and UAE’s largest tech-enabled home services marketplace, has raised $190 million from investors led by Prosus (formerly Naspers). The funding has more than doubled the Gurugram-based company’s valuation to $2 billion. In 2019, the firm was valued at $933 million after a funding round, led by Tiger Global. Urban Company has now become a unicorn, a startup valued at more than $1 billion.

Urban Company has allotted 2,163 equity shares of Rs 1 each at a premium of Rs 2,65,552.10 each and 50,490 Series F compulsorily convertible cumulative preference shares (Series F CCPS) of Rs 10 each at a premium of Rs 2,65,543.10 each in the company on a preferential basis, aggregating to Rs 1,410.2 crore or $190 million, show regulatory documents sourced from the business intelligence platform Tofler.

The full article was originally published on Business Standard