Urban Company, the on-demand home services provider, on Wednesday said it has raised $255 million (about Rs 1,857 crore) in funding, led by Prosus Ventures, Dragoneer and Wellington Management.
This comes ahead of the start-up looking at an IPO over the next two years. The series F round — which also saw participation from Vy Capital, Tiger Global and Steadview — would take its valuation to $2.1 billion.
The latest round includes a primary capital infusion of $188 million and a secondary sale of around $67 million by select angel and early investors.
Urban Company, which was earlier known as UrbanClap, will use the fresh proceeds towards innovation, training, product development, enhanced quality control and safety measures for both partners and its consumers.
It also plans to ramp up its geographic footprint by entering the top 100 cities in India by the end of the next calendar year apart from expanding in international markets, including Southeast Asia.
“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,’’ Urban Company CEO and co-founder Abhiraj Singh Bhal.
A PTI report quoting Bhal said the company was eyeing an IPO in the next 18 to 24 months and it had a clear path to break even in the short term.