Urban Company, a prominent services marketplace based in Gurugram, has announced a significant year-on-year growth of 45% in revenue from operations for the fiscal year 2023. The company’s consolidated revenue from operations reached Rs 637 crore, marking a substantial increase from the Rs 438 crore earned in the previous fiscal year.
Notable Reduction in Losses and Improved Financial Metrics
In a noteworthy achievement, Urban Company managed to reduce its losses by nearly 40% to Rs 308 crore on a consolidated level during FY 2023. This positive trend in the financial domain was accompanied by a rise in net transaction value, which reached Rs 2,176 crore compared to Rs 1,581 crore in FY 2022.
Steady Growth Amidst Marginal Cost Increases
Despite a marginal increase in costs, including employee expenses and direct and support costs, during FY 2023, Urban Company maintained its growth trajectory. The startup’s resilience in the face of increased costs speaks to its operational efficiency and strategic financial management.
Urban Company Funding and Milestones
Having been valued at $2.18 billion in its last funding round conducted in August 2021, Urban Company’s growth trajectory is bolstered by its successful funding endeavors. Founded in 2014, the company has raised a substantial $470 million across multiple rounds of funding.
Urban Company Focus on Profitability and Global Expansion
Urban Company achieved a significant milestone by attaining EBITDA breakeven for its Indian business on an adjusted basis for Q1 2024. The company’s statement highlighted that around 90% of its revenues attributs to its Indian operations. Moreover, the company expressed its commitment to enhancing profitability and cost control measures in its pursuit of scaling the business. Beyond India, the company also extends its home services offerings to the United Arab Emirates, showcasing its ambitions for global expansion.
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