Synopsis
Urban Company raised Rs 472 crore through its initial public offering (IPO) in September last year. As of June 30, the company had Rs 2,019 crore in cash on its books, even as its InstaHelp business continued to weigh on its bottomline.
ETtechHome services platform Urban Company‘s board has approved its proposal to raise Rs 2,500 crore via a qualified institutional placement, according to a stock exchange filing.
Urban Company raised Rs 472 crore through its initial public offering (IPO) in September last year. As of June 30, the company had Rs 2,019 crore in cash on its books, even as its InstaHelp business continued to weigh on its bottomline.
The Gurugram-based company is locked in a battle with Lightspeed-backed Snabbit and General Catalyst-backed Pronto in the high-cash-burn instant househelp segment.
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