Gurugram-based home service platform, Urban Company, has announced impressive financial performance for the fiscal year ending March 2024. The company reported a significant 30% year-on-year revenue growth, reaching Rs 827 crore. This marks a substantial increase from Rs 637 crore in the previous fiscal year.
One of the most notable achievements is the company’s ability to cut losses by a substantial 70%. In FY24, losses were reduced to Rs 93 crore compared to Rs 312 crore in FY23. This improvement can be attributed to enhanced operational efficiency, improved margins, and a reduction in fixed costs.
Urban Company’s growth trajectory has been robust since its inception.The company managed to achieve double-digit growth even during the challenging pandemic year of FY21. Since then, revenue has grown nearly fourfold.
Key Financial Highlights
- FY24 Revenue: Rs 827 crore (30% YoY growth)
- FY24 Losses: Rs 93 crore (70% reduction)
- Q1 FY25 Revenue: Rs 281 crore (37.3% YoY growth)
- Q1 FY25 Operating EBITDA: Rs 7 crore
Focus on Service Partners
Urban Company emphasizes its commitment to service partners. The company claims that the average monthly net earnings of service partners delivering more than 30 services per month increased to Rs 33,469. Additionally, the average earnings of the top 20% of service partners reached Rs 42,792. Notably, female service partners earned 23% more than male counterparts in the second half of calendar year 2023.
Future Outlook
The recent secondary sale, which valued the company between $2.2 billion and $2.5 billion, indicates strong investor confidence in Urban Company’s growth prospects. The company’s focus on operational efficiency, coupled with its expanding service offerings, positions it for continued success in the competitive home services market.
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