Urban Company IPO Review
Background & Business
Urban Company, incorporated in December 2014, is India’s leading technology-driven, full-stack marketplace for home and beauty services. It operates across 51 cities in India, UAE and Singapore, while its Saudi Arabia business is handled through a joint venture. The platform allows booking of services such as cleaning, plumbing, appliance repair, beauty treatments, and wellness.
It has also ventured into home solutions with products under the ‘Native’ brand (water purifiers, electronic door locks). To strengthen the ecosystem, Urban Co. provides its service professionals with training, tools, financing, insurance and branding support. With a network of 54,347 monthly active service professionals (Q1 FY26), it covers 12,000+ micro-markets.
The home services market in India was USD 59.2 billion in 2024, expected to grow to USD 97.4 billion by 2029, while online penetration is still <1% — offering huge growth potential.
Financial Performance (Rs. crore)
| Period Ended | 31-Mar-23 | 31-Mar-24 | 31-Mar-25 |
|---|---|---|---|
| Total Income | 951.29 | 1,102.71 | 1,430.12 |
| PAT | 23.36 | 31.11 | 61.11 |
| Assets | 211.55 | 265.00 | 375.75 |
✔ Income grew at ~22% CAGR over two years.
✔ PAT more than doubled in FY25, showing improving scalability.
✔ Balance sheet strengthened with rising assets.
IPO Details
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Issue Size: Rs. 1,900 crore (Fresh Rs. 472 cr + OFS Rs. 1,428 cr)
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Price Band: Rs. 98 – Rs. 103
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Lot Size: 145 shares (Retail: Rs. 14,935)
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BRLM: Kotak Mahindra Capital
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Registrar: MUFG Intime India Pvt. Ltd.
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Dates: Opens 10 Sept 2025 | Closes 12 Sept 2025 | Listing 17 Sept 2025
Chanakya Verdict
Urban Company enjoys leadership in India’s online home-services market, backed by strong growth visibility and improving financials. The shift towards digital services, expansion into consumer products, and low online penetration provide a multi-year growth runway. On valuation, the IPO appears attractive for long-term investors, though near-term listing gains may depend on subscription momentum and grey-market activity.
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