Doorstep delivery service, Urban company (formerly Urban Clap) is set to launch its IPO after raising $255 Million in the latest round of funding. The company is slated to bring out the IPO in the next 18 to 24 months. An IPO would allow Urban Company to get access to a wider pool of capital and enable it to provide exits to its investors and employees, who hold shares of the company. The company has held talks with consultants and bankers to strengthen its internal readiness for an IPO.
The start-up recently assumed unicorn status after reaching a valuation of $2 Billion from $933 million in 2019. With the second round of lockdown easing out, the platform is speculated to gain traction again. The firm has chalked out an accelerated expansion plan for the upcoming 6-7 months. Before the pandemic-induced lockdown struck in 2020, Urban Company was present in 10 cities across India. That figure has now swelled up to 30 in the last year, with plans to expand to 50 cities by 2021 end. Outside India, the company has a presence in six cities and is set to launch in Melbourne as well. The company is also running a pilot program in Bengaluru, which allows consumers to hire cooks, as part of its expansion plans.
Categories: Venture Capital