Urban Company, a prominent player in the home services sector, has successfully concluded a significant $63 million secondary funding round. This transaction, led by Dharana Capital, an offshoot of Vy Capital, saw Dharana Capital acquiring $50 million worth of secondary shares from employees, early investors, and founders. Notably, Prosus also participated in this round.
Earlier this year, Urban Company conducted a $25 million ESOP buyback, further enhancing its commitment to rewarding its workforce. This recent round marks another milestone in Urban Company’s efforts to support its employees and early backers, totalling ESOP liquidity programs valued at approximately $37 million.
As part of the transaction, Vamsi Duvvuri, founder and managing partner of Dharana Capital, will join Urban Company’s board as a non-executive director, underscoring the fund’s strategic alignment with the company’s growth trajectory. Dharana Capital, known for its investments in prominent Indian startups like Zopper, Lentra, NoBroker, and Itilite, brings valuable expertise to Urban Company’s board.
Urban Company, valued between $2.2 billion to $2.5 billion in this latest buyback, continues to expand its footprint across 62 cities in India, the UAE, Singapore, and Saudi Arabia. With a robust partner network exceeding 55,000 service professionals, Urban Company remains dedicated to enhancing its service offerings and geographical reach in the competitive home services market.
