Home service marketplace Urban Company has announced its unaudited results for FY20, posting a 103% jump in its operating revenues led by its beauty and wellness vertical which contributed nearly 55% to its revenue for the fiscal ended in March 2020.
The Gurugram-based company recorded unaudited operating revenues of Rs 216 during FY20 as compared to the Rs 106 crore it collected during the previous fiscal. Notably, FY20 figures are adjusted figures as the company had moved from I-GAAP to IND-AS accounting method.
Urban Company has recorded transactions with the net booking value of Rs 918 crore in FY20, growing 138% from Rs 385 crore in FY19. The company has not revealed any figures related to expenditure or profitability.
While a large part of its revenues is earned from commission fees on transactions, there has been a shift in this trend. Urban Company also made money through selling products to services providers.
During FY19, Urban Company sold products worth Rs 26.5 crore to its service providers, making up 23% of the revenues and will likely account for a larger share in FY20. In comparison, product sales accounted for less than 15% of the revenues during FY18.
To focus on its core strengths, the Abhiraj Bhal-led company had shut all of its non-core businesses such as wedding services and photography in October last year. Since then, Urban Company has been doubling down on two verticals: beauty and home services.
During the nationwide Covid-19 lockdown, the company’s services have been non-operative with only home repair and maintenance services having resumed in limited areas across select cities in the past few days when relaxations were announced by the authorities.
Urban Company had raised $75 million in August last year in its Series E round which valued the company at around $933 million. It utilised the funds to fuel its expansion plans to overseas markets of Australia and UAE and now has a presence in over 22 cities across four countries.