UrbanClap increases revenues by 150% IN FY19
Thursday - May 16, 2019 4:23 pm , Category : BUSINESS
May 16, 2019 (WTN): Gurgaon based home services platform, UrbanClap, released its unaudited FY19 financial results. The company saw a 150% increase in operating revenues to INR 116 Cr as compared to INR 46 Cr in FY18, and nearly 900% jump when compared to INR 11 Cr in FY17. The operating losses at INR 72 Cr in FY19, remained largely flat compared to the last two fiscal years, where they stood at INR 57 Cr in FY18 and INR 67 Cr in FY17. The chart below showcases the operating revenues and losses for the company for the past 4 fiscal years.
In FY19, UrbanClap served 3.3 million service orders, compared to 1.2 million service orders in FY18, representing nearly a 3x jump. The gross transaction value (GTV) of all orders served by UrbanClap in FY19 stood at INR 400 Cr, nearly 3x more than in FY18 when the GTV stood at INR 130 Cr.
For the recently concluded month of April 2019, the company served over 620,000 service orders, a 3x jump over the same period last year, putting it on an annualized run-rate of 7.5 million service orders. These orders represented an annualized gross transaction value of ~ INR 1000 Cr and an annualized revenue run-rate of INR 200 Cr for the company.
Beauty services at home continued to be the largest vertical for the company, within which UrbanClap offers skin-care, hair-care, makeup, spa and men’s grooming services. The second largest vertical was appliance and basic home repairs. The company also made in-roads in new verticals cleaning, pest control and painting. The company also expanded in UAE in the last financial year, as well as select tier 2 Indian cities. In the coming financial year, the company hopes to launch in more tier 2 cities of India, and at least one more international market.
Founded in Nov 2014 by Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra, UrbanClap is India and UAE’s largest home services platform. “Our vision is to empower millions of professionals to deliver services at home like never experienced before. In the last financial year, we took great strides towards that mission, improving our capabilities in selection, onboarding, training and certification of service professionals. Additionally, we also invested in areas like product procurement, technology and financing, establishing our market leadership. Today, approximately 20,000 trained professionals make their livelihood through the UrbanClap platform. We are committed to growing that number to 1 million+ service professionals over the next 5 years” said Abhiraj Singh Bhal, one of the Cofounders of UrbanClap.
Founded in Nov 2014, UrbanClap is the India and UAE’s largest home services company. The company offers services like beauty and spa at home, cleaning, plumbing, carpentry, appliance repair, painting etc. through its mobile app and website. It operates in 10 cities in India (including Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi NCR, Hyderabad, Jaipur, Kolkata, Mumbai, Pune) and Dubai. – Window To News