Cofounder and CEO Abhiraj Singh Bhal of Gurugram- based Urban Company, a home service platform , said on Thursday that the company has made a profit before taxes (PBT) for the quarter ending in June , having brought in a total of Rs 282-283 crore.
Net revenue increased by 38% in comparison to the previous year. During a press conference on Thursday, Bhal informed reporters that Urban Company&rsquo;s PBT margin for the given period is 4%.
The business has not yet submitted its March 2024 fiscal year financial results. Its operating revenue increased by 45% year over year to Rs 637 crore in FY23. Compared to Rs 514 crore in FY22, its loss before taxes for the year dropped to Rs 308 crore.
Bhal stated that the company&rsquo;s loss has greatly decreased in FY24 and that it is anticipated to turn a profit in FY25, without providing specific figures.
The startup, supported by Prosus Ventures and Accel, is averaging 2.2 million orders per month, with an average order value of Rs 1,290. 
According to Bhal, the business is expected to go public in 2025 and will shortly name a new independent director to the board. 
Customers can find gig workers for residential services on the marketplace. 
It mostly falls into two categories: house repairs and maintenance, which includes carpentry, plumbing, electrical work, painting, cleaning, pest control, and appliance repair; and beauty and wellness, which includes salon and spa services as well as laser hair reduction. 
Urban Company recorded its first profile taxes in April. Bhal claimed at the time that although the India company had previously turned a profit, investments in its foreign markets had kept it in the negative. 90% of its revenue comes from its business in India.
&ldquo;The United Arab Emirates, the Kingdom of Saudi Arabia, and Singapore are our three overseas markets. Our oldest and biggest overseas market, the United Arab Emirates, is about to become profitable. Saudi Arabia and Singapore are both relatively new markets that are open to investment. We think India should be able to produce adequate cash flow between the UAE and India to support these two markets in addition to our new projects in India, Bhal stated on Thursday.
It had been functioning in Australia for three years when it left in 2022. After the United Arab Emirates, Australia was its second overseas market. In addition to services, Urban Company introduced water purifies of its own last year under the Native brand. Although the market for water purifiers is rapidly expanding, according to Bhal, the company has only sold 40,000 of them, and their total revenue to date.
According to Urban Company, during the October-December 2023 quarter, the earnings of its service partners grew by 13-18% compared to the corresponding time in 2021.
About 57,000 active partners are currently using the company&rsquo;s platform. On average, they make Rs 24,845 a month.
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Source : The Economic Times

Cofounder Abhiraj Singh Bhal of Gurugram- based Urban Company, said on Thursday that the company has made a profit before taxes for the quarter ending in June , having brought in a total of Rs 282-283 crore

Urban Company Achieves Rs 282-283 Crore Revenue