Urban Company losses more than double to Rs 514 crore in FY22

New Delhi: Home services marketplace Urban Company, formerly Urban Clap, on Friday said its consolidated losses more than doubled to Rs 514 crore in FY22.

According to a regulatory filing, the Accel India- and Tiger Global-backed company had posted a loss of Rs 249 crore in FY21.

The consolidated income of the unicorn firm grew by 75.7 per cent to Rs 509.2 crore in FY22 from Rs 289.8 crore in the preceding financial year.

According to Tofler, parent firm of the company Urbanclap Technology India Private Limited has posted a loss of Rs 404 crore during FY22, which is 95 per cent more compared to previous fiscal, and the revenue of the company increased by 36 per cent to Rs 387 crore.

"Urbanclap Technology India Private Limited, a home services marketplace, reported its revenues for the financial year 2021-22 as Rs 387 crore, a 36 per cent jump since the last financial year. The company further reported a net loss of Rs 404 crore during the same fiscal. This is a 95 per cent increase from the last financial year. The company's total expenses for the fiscal were reported as Rs 791 crore," Tofler said.

When contacted, Urban Company spokesperson said: "Those (Tofler's) numbers don't reflect the full-scale of Urban Company's India operations." The Urban Company has raised about USD 330 million (about Rs 2,400 crore as per exchange rate in June 2021) in primary capital till June 2021.

In June, Urban Company had last raised USD 255 million (about Rs 1,857 crore) in a funding round at a valuation of USD 2.1 billion.

The funding round included a primary capital infusion of USD 188 million and a secondary sale of approximately USD 67 million by select angels and early investors.