UrbanClap has surprised everyone when it announced $75 million Series E round from Tiger Global last week. Why? Because, it had just raised $50 million worth Series D round eight months ago, and unlike other consumer internet companies, the firm was not in dire need of capital as it doesn’t face an immense burn.
And to top it with another surprise, the home service marketplace with this round has placed itself on the Soonicorn list.
While the Gurugram-based company was valued to the tune of $480 million (post-money) after Series D round, it has recorded over 94.37 % hike in its marketcap with the latest round led by Tiger Global.
According to RoC filings, UrbanClap is valued at about $933 million after the series E round. The company has allotted preference shares at a premium of Rs 1,17,058 with a fair value of Rs 10 each share while equity shares were issued at a premium of Rs 1,17,067 with a fair value of Re 1.
As of now, the company has received $34.5 million in the Series E round.
Tiger Global invested $20.7 million for 50 equity shares and 12,327 Series E CCPS, reveals filings. VY Capital acquired 1,375 CCPS for $2.3 million while Steadview along with its subsidiary ABG capital invested $11.5 million for a total of 6,876 Series E CCPS in the company.
The post-money valuation of UrbanClap after Series E round has catapulted the company closer to become a Unicorn.
If we factor in the valuation of UrbanClap in its Series C round, the company’s valuation jumped to 4.66X in just two years. It was valued $200 million when it raised $21 million in July 2017.
UrbanClap leaves CureFit, Practo, Dailyhunt, Firstcry and several others behind who are in a league to be valued over $1 billion. Importantly, the company would be the first and possibly also the last Unicorn from the home service space in the near future.
Besides raising capital from institutional investors, UrbanClap had also managed to raise money from bluechip investors including Flipkart CEO Kalyan Krishnamurthy and former Flipkart CTO and CPO Mekin Maheshwari.
UrbanClap currently has more than 20,000 individual service professionals (ISPs) on its platform across categories such as beauty, spa, cleaning, plumbing, carpentry, appliance servicing & repair, and painting. It operates in 10 Indian cities, and two international markets – Dubai and Abu Dhabi.
Update: In the previous version of the story, we estimated the market cap ($852 million) using the subscribed capital of the company. After factoring the total outstanding capital of the company, the market cap stood at $933 million.