Home services startup UrbanClap has announced a 150 per cent increase in its operating revenues for FY19 to Rs 116 crore from Rs 46 crore in FY18. Releasing its unaudited FY19 financial results, UrbanClap claimed “largely flat” operating losses at Rs 72 crore from Rs 57 crore in FY18.
Currently, around 20,000 service professionals are on-board UrbanClap across various categories even as the company is looking to enhance that number to over 1 million professionals in the next five years, said Abhiraj Singh Bhal, co-founder UrbanClap. The startup currently delivers services to 10 cities in India.
When contacted, Bhal wasn’t available for comments to provide more clarity on the financial results and plans for FY19.
UrbanClap, founded in 2014, said that its number of service orders also went up from around 1.2 million in FY18 to around 3.3 million in the last fiscal year, recording a 3X jump. The gross transaction value of FY19 service orders was around Rs 400 crore up from Rs 130 crore for orders in FY18, the company said in a statement.
UrbanClap expanded into new verticals last year including cleaning, pest control, and painting and also forayed in Dubai and few tier-II cities in India.
In the current year, UrbanClap is looking to expand further into tier-II cities and at least one more international market.
UrbanClap has raised $110.7 million across seven rounds of funding so far and counts Steadview Capital, Vy Capital, Saif Partners, Accel Partners, Bessemer Venture Partners, etc., apart from Ratan Tata as its investors. It last raised $50 million from Steadview Capital in November last year, as per deals tracker Crunchbase.
The startup competes with Bengaluru-based and Amazon-backed Housejoy that claims over 100 services being offered and having over 65,000 professionals on its platform, as per the company’s website.
Housejoy is also backed by global funds and corporates including Qualcomm, Vertex Ventures, RTP Global apart from Matrix Partners India, Sama Capital etc.