New Delhi-based on-demand home services startup UrbanClap has registered a growth of 225% in revenues, reaching ₹53.37 crore in FY18. While growing revenues, the startup successfully reduced net loss by 14% to ₹57 crore from ₹66.7 crore in FY17, according to the financials accessed by Tofler, business intelligence platform.
It is to be noted that the operating revenues accounted for ₹46.6 crore, forming a major part of the revenues and witnessing a remarkable growth of 326%, compared to FY17.
The growth is particularly impressive, considering UrbanClap, saw its losses nearly double at 98% in FY17, compared to FY16. The widening of losses was attributed to the rapid expansion in the hyperlocal domain, to handle growing customers.
While the losses were shrunk, the startup managed to increase employee benefit expenses by 23% to ₹45.3 crore, bringing cheers to a team of around 500 employees. Although, overall expenses rose by 32.9% bringing the number to ₹110 crore in FY18, from ₹83.16 crore in FY17.
Furthermore, the expenses due to marketing and promotional activities saw a hike of 135% to reach ₹3.12 crores.
UrbanClap was founded by Abhiraj Bhal, Raghav Chandra, and Varun Khaitan in 2014. The hyperlocal home service startup provides a wide range of services like plumbers, electricians, carpenters, cleaners, and pest control, among many others.
The startup has expanded its presence across eight Indian cities including Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai, and Pune. It has also gone international and expanded its footprint in Dubai.
UrbanClap last $21 million in a series C funding round led by Vy Capital, in July 2017. The startup has raised more than $60 million across all rounds, according to Crunchbase.
The home services startup also counts Ratan Tata, Snapdeal Co-Founders Kunal Bahl and Rohit Bansal, SAIF Partners, Bessemer Venture Partners, and Accel Partners, among its investors.
In 2016, the year which saw UrbanClap’s losses skyrocket, the hyperlocal startup had acquired two startups namely HandyHome in January, and Goodservice in August.