Urban Company raises new round drove by Prosus at $2 Bn valuation
Urban Company has been one of the modest bunch of organizations that has stayed a hot recommendation for top level financial backers since its origin in 2014. In the wake of fund-raising from Tiger Global, Vy Capital and Steadview, the organization has recently raised near $190 million in another ro
Urban Company has been one of the modest bunch of organizations that has stayed a hot recommendation for top level financial backers since its origin in 2014. In the wake of fund-raising from Tiger Global, Vy Capital and Steadview, the organization has recently raised near $190 million in another round drove by Prosus (already Naspers).
Metropolitan Company has distributed 2,613 value shares and 50,490 Series F inclination shares at an issue cost of Rs 265,553.1 per offer to raise Rs 1,410.2 crore or $188 million, administrative filings show.
Prosus drove the round with Rs 464.53 crore or $61.93 million while the other two new financial backers – DF International and Wellington Management – have poured in $36.86 million and $33.2 million individually.
As indicated by Fintrackr’s appraisals, Urban Company has arrived at a post-cash valuation of near $2 billion or Rs 14,615 crore. The Gurugram-based organization was esteemed at around $933 million in its last financing round in 2019.
Entrackr had only revealed about Urban Company’s new round from new and existing benefactors at a valuation of $2 billion on April 12.
Metropolitan Company has become the twelfth Indian startup to transform into a unicorn in 2021 and the seventh in April. Up until now, Chargebee, Gupshup, ShareChat, Groww, PharmEasy, CRED and Meesho have entered the unicorn club this month.
Among its current financial backers, Vy has contributed the most extreme with $30.22 million. Tiger has contributed $14.74 million and Steadview Capital, which took part in the new round that has appeared following 20 months, with $11.06 million.
Adding the Series F round, Urban Company has raised more than $370 million across six institutional rounds. Accel, Ratan Tata, Elevation Capital (beforehand SAIF Partners) and Bessemer Venture Partners are its different patrons.
Following the financing round, Urban Company’s prime supporters, Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra have had their stake weakened to an aggregate portion of 24.66%. Rise Capital is the biggest partner in the organization with 14.56% stake followed by Accel and Vy Capital with 14.40% and 12.66% stake individually.
Metropolitan Company had multiplied its income to Rs 263 crore in FY20 from Rs 132.04 crore in FY19. Its misfortunes remained at Rs 155 c
