Urban Company's Revenue Jumps To Rs 636 Crore, Loss Shrinks In FY23

Home services provider Urban Company's revenue jumped in FY23, while loss minimised, as startups focus more on profitability versus growth in a leaner funding environment.

The Gurugram-based company's revenue from operations rose 45% to Rs 636.5 crore in FY23, from Rs 437.5 crore in FY22. Its loss shrunk from Rs 514.1 crore to Rs 312.4 crore in FY23, according to filings sourced from Tofler.

The startup reduced its employee benefit expenses from Rs 443 crore to Rs 377 crore. "The year saw steady business growth during the year with Covid finally behind us. The improvement in profitability has been driven by operational leverage in fixed costs, driving efficiency across other costs and rationalised ESOP expenses," Urban Company said in a statement alongside the earnings.

Since inception, Urban Company has made about six crore bookings, with a cumulative net transaction value of Rs 6,205 crore. It is present in 62 cities across India, UAE, Singapore, Saudi Arabia and the United States, and claims to be the largest on-demand home services marketplace in India and the UAE.

It turned unicorn in 2021, after raising $190 million from investors, led by Prosus.

In FY23, Zomato's Co-Founder and Chief Executive Officer Deepinder Goyal resigned from the board of directors of Urban Company. He was appointed to the board on March 1, 2022.