UrbanClap

UrbanClap continues to bet on Gulf, launches operations in Abu Dhabi

UrbanClap

One of the growth signs that prevail in the market as well as business mentality is when a consumer Internet startup or a company goes out of the country and expands its footing abroad.

UrbanClap, the home service marketplace, had graduated from India to enter Dubai in April last year. Now the firm has further expanded its operations in the gulf with adding Abu Dhabi to its map.

In a Facebook post, UrbanClap has announced starting of operations in Abu Dhabi.

This is a sensible international expansion trajectory considering that the Middle East is highly developed geography when it comes to infrastructure, and be it the regulations or the fast-paced lives, home services are in high demand. This creates a massive opportunity for startups like UrbanClap to bank on the organised market there.

The next organised market that UrbanClap is targeting is Singapore. The launch of the startup in the investors’ heaven is impending.

While the first expansion in Dubai had happened more than a year ago, the acceleration in these operations have started after the company picked up the $50 million Series D round at a $440 million post-money valuation.

After that, it also got backing by Kalyan Krishnamurthy, and the founders themselves have also made a larger bet in the company worth about $15 million.

FY19 has also been a growth year for the company where the transaction volume as well as value maintained the 3x year on year growth to execute 3.25 million orders worth Rs 400 crore in GTV. The revenue grew from Rs 53 crore to Rs 116 crore and the losses increased from Rs 57 crore to Rs 72 crore, all because of the money they have been investing in the firm for timely growth.

UrbanClap

UrbanClap continues to bet on Gulf, launches operations in Abu Dhabi

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Below is the bank details:

 
Amount: INR 3,19, 000 (After Adding 18% GST and Deducting 2% TDS)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
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