In May this year, UrbanClap had revealed its unaudited financial figures via press release. Then, it had been reported that the company had made a 4X jump in revenue and reduced the losses by a quarter of the previous figure.
The recent RoC filings of the company with the MCA reveal that the horizontal service marketplace’s predicted unaudited figures lie close to the mark.
The Gurugram-headquartered company’s revenue took a 3.2X jump in FY18, going up from Rs 16.54 crore to Rs 53.48 crore. This is a significant growth for the service expert.
The major constituent of income for the company is the commission received on services, accounting for Rs 39.7 crore out of the total amount. Remaining, Rs 6.96 crore came from the sale of products the company had started within the last financial year only, mentions filings.
Notably, the beauty segment contributed the maximum to the figure.
While the revenue took a major spike, expenses for the company increased by a mere 31.34 per cent to Rs 109.96 crore.
As a result, the losses saw a 15.92 per cent reduction, whereby the company managed to shrink the Rs 67.18 crore figure in FY17 to Rs 56.49 crore in FY18.
The financial performance, as well as the growth curve of the company, took an upward trajectory which can be reflected by the fact that while UrbanClap spent Rs 5.06 to earn one rupee in FY17, it only had to spend Rs 2.04 in FY18.
The major areas of expense for the company are employee benefit, followed by marketing expense. While the former, increased by 23.6 per cent during the year, UrbanClap managed to cut down on the latter by 2.79 per cent.
Separately, the last time the firm raised money was in March 2017 where Vy Capital, along with existing investors, led a $21 million Series C round in the company. Other VCs that back the firm include SAIF Partners, Accel Partners, Bessemer Venture Partners, and Trifecta Capital (debt).
UrbanClap has operations in 8 cities in the country and recently made its first move in international expansion and started operations in Dubai. This is likely to cause a higher burn for the company and create a requirement for further funding, but also pave a greater roadmap for growth.
Overall, the Ratan Tata-backed company has improved massively upon its unit economics and surely looks to have an upper hand on its competition that includes HouseJoy and several others.