Urban Company
MainboardBSE₹1,900 Cr issue
+56.31%
Listing gain over issue price
Issue size
₹1,900 Cr
1 lot at cut-off
₹14,935
Lot size
145shares
Open
10 Sep 2025
Close
12 Sep 2025
Allotment
15 Sep 2025
Listing
17 Sep 2025
Listing performance
Issue price
₹103
Listed at
₹161
Listing-day close
₹167.05
Latest price
₹132.75
Close on 23 Oct 2026
Listing gain
+56.31%
Return since issue
+28.88%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Sep 2025 – 12 Sep 2025
- Listing date
- 17 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹103 per share
- Lot size
- 145 shares
- Listing at
- BSE
- Total issue size
- ₹1,900 Cr
- Market cap at offer price
- ₹14,790 Cr
- Promoter holding
- 59.88% → 20.43% pre-issue → post-issue
- ISIN
- INE0CAZ01013
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Kotak Mahindra Capital Co.Ltd.
- Registered office
- Unit No.8, Ground Floor, Rectangle 1, D-4 Saket District Centre, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,29,00,485 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 145 shares per lot, in multiples, at ₹103
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 145 | ₹14,935 |
| Retail (max) | 13 | 1,885 | ₹1,94,155 |
| S-HNI (min) | 14 | 2,030 | ₹2,09,090 |
| S-HNI (max) | 66 | 9,570 | ₹9,85,710 |
| B-HNI (min) | 67 | 9,715 | ₹10,00,645 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
8,29,00,485
Anchor portion
₹854 Cr
at ₹103 per share
Valuation and performance
Valuation at offer price
₹103 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.72 | 1.67 |
| P/E (×) | 59.88 | 61.68 |
| Price to book (×) | 8.27 | — |
| Market cap | — | ₹14,790 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 13.35%
- NAV per share
- ₹12.46
- Price to book
- 8.27
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Urban Company
Urban Company Limited (formerly UrbanClap Technologies India Limited) is a full-stack online marketplace for home and beauty services founded in 2014. The company connects consumers with independent, trained service professionals across categories including cleaning, pest control, skincare, massage, appliance repair, handyman, on-demand home-help, painting, and wall décor. It operates a technology-driven platform accessible via consumer application and mobile website. The company has expanded into home solutions through its 'Native' brand, offering water purifiers and electronic door locks. As of June 30, 2025, Urban Company served 7.02 million annual transacting consumers and 54,347 average monthly active service professionals across 51 cities in India, United Arab Emirates, and Singapore, plus operations in Saudi Arabia through a joint venture. The company generates revenue through platform service fees from consumers and service professionals, with revenue from operations reaching ₹11,444.65 million in Fiscal 2025.
Company Analysis
from RHPUrban Company operates a technology-driven online marketplace connecting consumers with trained service professionals for home and beauty services across 51 cities in India, UAE, and Singapore, complemented by manufactured home solutions products.
Urban Company Limited (formerly UrbanClap Technologies India Limited) is a full-stack online marketplace for home and beauty services founded in 2014. The company connects consumers with independent, trained service professionals across categories including cleaning, pest control, skincare, massage, appliance repair, handyman, on-demand home-help, painting, and wall décor. It operates a technology-driven platform accessible via consumer application and mobile website. The company has expanded into home solutions through its 'Native' brand, offering water purifiers and electronic door locks. As of June 30, 2025, Urban Company served 7.02 million annual transacting consumers and 54,347 average monthly active service professionals across 51 cities in India, United Arab Emirates, and Singapore, plus operations in Saudi Arabia through a joint venture. The company generates revenue through platform service fees from consumers and service professionals, with revenue from operations reaching ₹11,444.65 million in Fiscal 2025.
Home ServicesBeauty ServicesHome Solutions/Consumer ProductsOnline MarketplacesTechnology Platforms
Objects of the Issue
- Expenditure for new technology development and cloud infrastructure ₹1,900.00 million p.27
- Expenditure for lease payments for offices ₹750.00 million p.27
- Expenditure towards marketing activities ₹900.00 million p.27
- General corporate purposes p.27
- Expenditure towards new technology development and cloud infrastructure p.56
- Expenditure for lease payments for offices p.56
- Expenditure towards marketing activities p.56
- General corporate purposes p.56
- Expenditure for new technology development and cloud infrastructure ₹1,900.00 million p.165
- Expenditure for lease payments for our offices ₹750.00 million p.163
- Expenditure towards marketing activities ₹900.00 million p.163
- General corporate purposes p.163
- New technology development and salaries of engineering team ₹1,300.00 million p.166
- Expenditure for lease payments for offices ₹750.0 million p.167
- Expenditure towards marketing and advertisement activities ₹900.00 million p.169
- General corporate purposes p.169
- Repayment of borrowings p.481
Issue Structure
- Total Issue
- ₹19,000 million
- Fresh Issue
- ₹4,720 million
- Offer for Sale
- ₹14,280 million
- Price Band
- [●] per Equity Share
- Lot Size
- [●] Equity Shares (minimum Bid Lot)
- Face Value
- ₹1 per Equity Share
Business Model
Urban Company operates a two-sided marketplace model earning revenue from (i) platform service fees charged to consumers on transactions, (ii) fees from service professionals, and (iii) sales of Native brand products (water purifiers and electronic door locks). Revenue from operations is recorded net of consumer discounts and incentives. The company also earns revenue from affiliate commissions and other sources. The platform facilitates connections between consumers seeking services and trained, independent service professionals who deliver services at consumers' homes.
Business Segments
Platform services for home and beauty services in India including cleaning, pest control, skincare, massage, appliance repair, handyman, on-demand home-help, painting and wall décor delivered by trained service professionals
Water purifiers and electronic door locks manufactured by third-party contract manufacturers and sold through Urban Company consumer application, mobile website, third-party e-commerce sites and third-party retail stores
Platform services for home and beauty services in United Arab Emirates and Singapore; operations in Kingdom of Saudi Arabia through joint venture
Online marketplace for home services including beauty, wellness, cleaning and repairs
Sales of water purifiers, electronic door locks under Native brand and products sold to service professionals
Pest control services, wall panel services and sale of traded goods to service professionals
Operations in UAE, Singapore and Saudi Arabia (through joint venture)
Commission-based revenue from consumer bookings of beauty, cleaning, repair and home improvement services through the platform
Sale of home improvement and decor solutions including water purifiers and electronic door locks
Provides online home and beauty services including beauty and wellness, cleaning, appliance repairs, handyman services, home painting, and home upgrades to consumers in India
Manufactures and sells branded water purifiers and electronic door locks under the 'Native' brand
Provides online home and beauty services in UAE and Singapore markets
Consumers can access services across home, beauty and wellness services including cleaning, pest control, servicing and repair of appliances, handyman services (electrical, plumbing and carpentry), InstaHelp, painting and wall décor, skincare, haircare services for women, grooming services for men and massage therapy. Also sells tools and consumables to service professionals.
Sells water purifiers and electronic door locks to consumers in and outside India. Water purifiers have filters capable of providing 12,000 litres of pure water equivalent to a two year lifespan. Electronic door locks are equipped with in-built camera integrating with consumer's doorbell.
Consumers can access home and beauty services in UAE, Singapore and KSA through the marketplace. Also provides tools and consumables to service professionals. Transitioned KSA operations to a joint venture with SMASCO effective January 1, 2025.
Operating an online marketplace which helps registered customers search for and hire registered service professionals for their household service needs. This segment also covers the results from the sale of products, tools, and consumables sold to service professionals for use during service delivery on the platform.
Sale of Native branded products to customers.
Operating an online marketplace which helps registered customers search for and hire registered service professionals for their household service needs outside India.
Revenue from core marketplace platform services connecting consumers with service professionals
Revenue from membership programs and ancillary services
Revenue from native/private label products sold to end users
Revenue from products sold to service professionals using the platform
Operates an online marketplace enabling registered consumers to book registered service professionals for home services and solutions including cleaning, pest control, electrician, plumbing, carpentry, appliance servicing, handyman services, InstaHelp, painting, wall décor, and beauty and wellness services. Also covers sale of products to service professionals for use during service delivery.
Sale of Native branded products including water purifiers and electronic door locks to consumers through the marketplace, mobile website, third-party e-commerce sites and third-party retail stores in and outside India.
Operates an online marketplace enabling registered consumers to search for and hire registered service professionals for home and beauty services outside India. Covers results from operating marketplaces in UAE, Singapore, and through a joint venture in Kingdom of Saudi Arabia. Includes sale of products to service professionals for use during service delivery.
Operates an online marketplace which helps registered customers to search for and hire registered service professionals for their household service needs. Also covers results from sale of products, tools and consumables sold to service professionals for use during service delivery on the platform. Covers only India operations.
Covers results from sale of Native branded products to customers.
Covers results from operating an online marketplace which helps registered customers to search for and hire registered service professionals for their household service needs. Covers results from business operations outside India.
SWOT Analysis
Strengths
- • Established brand with high consumer trust and ratings(p.48)
- • Significant revenue growth from operations(p.30)
- • Growing consumer base across multiple geographies(p.27)
- • Improved profitability and cash flow generation(p.40)
- • Diversified service categories and product offerings(p.27)
- • Effective consumer and service professional complaint resolution mechanisms(p.41)
- • Growing revenue base with diversified service and product offerings across multiple categories(p.49)
- • Established platform with significant consumer and service professional base(p.82)
- • Diversified revenue streams including services, products, and Native brand offerings(p.52)
- • Established technology platform for services marketplace(p.165)
- • Multi-category service expansion capability(p.165)
- • In-house matchmaking technology development(p.165)
- • Strong financial position with significant cash reserves(p.95)
- • Cloud-based scalable platform enabling efficient service delivery across geographies(p.166)
- • Multi-category hyperlocal marketplace with network effects and established brand trust(p.174)
- • In-house training program and access to tools improving service professional quality(p.174)
- • Robust technology platform with innovation and product development capabilities(p.174)
- • Scale and technological capabilities enhancing profitability(p.174)
- • Highest-searched online home services full-stack platform brand on Google Trends(p.222)
- • High average consumer rating reflecting quality focus(p.225)
- • Strong brand recognition and market position(p.230)
- • Established service professional network with high earnings(p.225)
- • Extensive training infrastructure and capability(p.232)
- • Technology-driven platform with proprietary ML capabilities(p.253)
- • Demonstrated profitability improvement(p.238)
- • Multi-category, hyperlocal marketplace with network effects(p.230)
- • Strong consumer retention and lifetime value growth(p.231)
- • Joint venture partnership with Noon for Saudi Arabia expansion(p.277)
- • Diversified revenue streams from multiple service lines(p.329)
- • Experienced founding team with track record of recognition(p.288)
- • Strong investor backing from global institutional capital(p.277)
- • Growth in revenue and improved financial performance(p.322)
- • Established marketplace platform with trust and consumer satisfaction(p.412)
- • Strong financial position with no borrowings and substantial liquid investments(p.431)
- • Growing and retained consumer base with increased transacting frequency(p.416)
- • Significant expansion into Native products with strong growth trajectory(p.424)
- • Improved service professional supply with consistent onboarding(p.418)
- • Technology-enabled platform with AI integration for operational efficiency(p.419)
- • Transition to profitability with positive Adjusted EBITDA(p.414)
Weaknesses
- • History of net losses and negative cash flows in prior years(p.40)
- • High dependency on sales promotion and incentive spending(p.40)
- • Limited operating history in new business segments(p.47)
- • Complexity in managing rapid business growth and scale(p.46)
- • Exposure to operational risks including service quality and safety issues(p.49)
- • Contingent liabilities related to regulatory disputes(p.31)
- • Significant reliance on loss-making subsidiary Handy Home which carries material inventory risks(p.52)
- • High employee benefits expense as percentage of revenue, constraining profitability(p.60)
- • Restated profitability heavily dependent on deferred tax assets which may not recur(p.51)
- • Multiple loss-making subsidiaries and past deregistrations in international markets(p.50)
- • High concentration of procurement from sole suppliers for Native products(p.62)
- • Service professionals classified as independent contractors creating regulatory and unionization risks(p.49)
- • Loss of inventory value due to fire incident(p.96)
- • Share of loss in joint venture operations(p.96)
- • Historical operating losses and turnaround needed(p.96)
- • Dependence on specific geographic markets with significant concentration in top 8 cities(p.222)
- • Recent transition to joint venture structure in KSA limiting operational control(p.223)
- • Native segment currently unprofitable with negative EBITDA margins(p.177)
- • International business segment operating at losses(p.177)
- • Native segment operating at significant losses(p.227)
- • International business segment unprofitable(p.227)
- • New InstaHelp category requiring substantial investments with uncertain profitability impact(p.241)
- • Dependence on service professionals classified as independent contractors(p.257)
- • Limited product manufacturing and assembly capability(p.247)
- • Significant losses in foreign subsidiaries(p.281)
- • Inventory loss from fire incident(p.280)
- • Handy Home subsidiary generating recurring losses(p.280)
- • Joint venture operating at a loss(p.322)
- • Declining international revenue contribution(p.282)
- • Heavy losses and negative cash flows in historical periods(p.431)
- • Significant share-based payment expenses reducing profitability(p.428)
- • High dependence on advertising and marketing expenditures(p.419)
- • Loss on warehouse inventory due to fire incident(p.425)
- • High contingent liabilities from GST disputes(p.435)
- • Native segment operating at significant losses(p.434)
Opportunities
- • Large TAM in underpenetrated Indian home services market(p.43)
- • Expansion to unorganized market with fragmented competition(p.43)
- • Geographic expansion into new markets(p.42)
- • Launch of new product and service offerings to cross-sell(p.40)
- • Standardization of fragmented, unorganized service sector(p.27)
- • Expansion into home solutions and Native brand product line with scalable manufacturing plans(p.62)
- • International expansion beyond India with presence in UAE, Singapore and KSA joint venture(p.49)
- • Growing consumer demand for online home services and beauty categories(p.73)
- • Launch of new service offerings like InstaHelp to capture emerging market segments(p.62)
- • Expansion of multi-category checkout and bundled services(p.165)
- • Real-time service professional availability optimization(p.165)
- • AI-powered consumer and service professional support expansion(p.165)
- • Home improvement and decor solutions platform development(p.165)
- • IoT enhancement of Native brand products(p.165)
- • Subscription-based service model expansion(p.165)
- • Expansion potential to top 200 Indian cities with serviceable market of ₹1.77-1.85 trillion(p.220)
- • Growing online home services market projected to reach ₹105-110 billion by FY2030 at 18-22% CAGR(p.209)
- • Water purifier and electronic door lock markets showing strong growth potential(p.215)
- • Global expansion opportunities in KSA, UAE and Singapore with combined TAM of ₹1.96-2.03 trillion(p.216)
- • Low online penetration in home services (<1%) creates significant runway for platform growth(p.207)
- • Rising urbanization and increasing dual-income households driving demand for home services(p.198)
- • Large and growing addressable market in India(p.224)
- • Expansion into top 200 Indian cities with low current penetration(p.239)
- • Growth in online full-stack platforms at higher CAGR(p.224)
- • Expansion of service categories and geographic footprint(p.239)
- • InstaHelp targeting underserved household help market(p.241)
- • High-growth potential in wall décor and painting services(p.241)
- • Emerging electronic door lock market with rapid growth(p.242)
- • International market expansion in UAE, Singapore and KSA(p.239)
- • Expansion of marketplace services to Saudi Arabia through Noon collaboration(p.277)
- • Growth in household and beauty services market(p.329)
- • Expansion of Native brand and home appliances retail(p.329)
- • Large addressable market with minimal online penetration(p.412)
- • Expansion of service categories and new offerings(p.418)
- • International expansion in UAE and Singapore markets(p.427)
- • Native products scaling opportunity with third-party distribution channels(p.427)
- • Deeper penetration through increased consumer lifetime category adoption(p.416)
- • Operational leverage from scaling with improved unit economics(p.419)
Threats
- • Intense competition from offline and online players(p.43)
- • Service professional circumvention of platform(p.47)
- • Dependency on attracting and retaining service professionals(p.38)
- • Regulatory and legal risks including GST and employment matters(p.30)
- • Reputational risk from negative publicity and service failures(p.48)
- • Limited control over joint venture operations in Saudi Arabia(p.72)
- • Intense competition from traditional offline players and other online platforms(p.50)
- • Changing consumer preferences and technology disruptions making current service categories obsolete(p.49)
- • Regulatory risks from gig worker laws and changing employment classification rules(p.53)
- • Seasonality affecting demand for summer services and monsoon-related operational challenges(p.63)
- • Extensive regulatory compliance requirements and potential adverse regulatory actions(p.64)
- • Pending litigation including patent infringement claims related to Native water purifiers(p.68)
- • Dependence on payment processors and financial institutions for operations(p.58)
- • Macroeconomic sensitivity with discretionary consumption vulnerable to economic slowdowns(p.219)
- • Intense competition from new entrants and expansion of offline organized players online(p.219)
- • Rising labor costs and service professional management challenges(p.219)
- • Product innovation risks making existing services redundant(p.219)
- • Risk of off-platform transactions bypassing the platform(p.220)
- • Regulatory challenges in international markets with different labor laws(p.219)
- • Highly fragmented and competitive online services market(p.261)
- • Risk of service professional classification as employees(p.48)
- • Emerging state-level gig worker regulation(p.266)
- • Data privacy and cybersecurity regulatory compliance(p.262)
- • E-commerce platform regulations and compliance requirements(p.263)
- • Potential product quality and regulatory risks for Native products(p.267)
- • Dependence on third-party contract manufacturers for Native products(p.247)
- • Foreign exchange and currency translation volatility(p.322)
- • Dependence on key institutional investors with board representation rights(p.277)
- • Operational disruptions from physical property damages(p.280)
- • Seasonality impacting business performance and cash flows(p.418)
- • Adverse weather conditions reducing service demand(p.424)
- • Regulatory risks from GST authorities with ongoing disputes(p.394)
- • Limited control over joint venture in Saudi Arabia(p.411)
- • International business incurring significant losses(p.435)
- • Uncertain timing and outcomes of pending litigation and disputes(p.390)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Abhiraj Singh Bhal | Promoter | 7.03% | — |
| Raghav Chandra | Promoter | 7.03% | — |
| Varun Khaitan | Promoter | 7.03% | — |
| Not provided in this section | Promoter details not in Part 2 | — | — |
| Abhiraj Singh Bhal | Promoter | 6.65% | — |
| Raghav Chandra | Promoter | 6.65% | — |
| Varun Khaitan | Promoter | 6.65% | — |
| Abhiraj Singh Bhal | Promoter | — | — |
| Varun Khaitan | Promoter | — | — |
| Raghav Chandra | Promoter | — | — |
| Sri Harsha Majety | Promoter | — | — |
| Abhiraj Singh Bhal | Promoter | 19.95% (on fully diluted basis as of RHP date) | — |
| Raghav Chandra | Promoter | 19.95% (on fully diluted basis as of RHP date, aggregate with other promoters) | — |
| Varun Khaitan | Promoter | 19.95% (on fully diluted basis as of RHP date, aggregate with other promoters) | — |
| Abhiraj Singh Bhal | Promoter | 19.96% | — |
| Varun Khaitan | Promoter | 19.96% | — |
| Raghav Chandra | Promoter | 19.96% | — |
| Naspers Ventures B.V. | Promoter Group | 9.10% | — |
| Dharana UC Limited | Promoter Group | 6.34% | — |
| Abhiraj Singh Bhal | Promoter | — | — |
| Varun Khaitan | Promoter | — | — |
| Raghav Chandra | Promoter | — | — |
Leadership
Abhiraj Singh Bhal · Managing Director and CEO
Raghav Chandra · Executive Director
Varun Khaitan · Executive Director
Abhay Krishna Mathur · CFO
Sonali Singh · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Urban Company IPO FAQs
What is the lot size of Urban Company IPO?
The minimum lot size of Urban Company IPO is 145 shares. One lot costs ₹14,935 at the cut-off price.
When does Urban Company IPO open and close?
Urban Company IPO opened for subscription on 10 Sep 2025 and closed on 12 Sep 2025.
What is the listing date of Urban Company IPO?
Urban Company IPO listed on 17 Sep 2025.