Urban Company hits phenomenal profits, readies for major IPO this year
Urban Company, a home services platform headed for an IPO, stated that as of Q1FY25, its consolidated business was profitable at a profit before tax (PBT) level. In a press conference on June 27, CEO and co-founder Abhiraj Singh Bhal told reporters that the company has generated revenue of 
282-283 crore so far for the April-June period in 2024.
282-283 crore so far for the April-June period in 2024.
Regarding this Abhiraj Singh Bhal, Founder & CEO, Urban Company says, “The firm’s net revenue is 38% higher on a year-on-year basis, with its PBT margin at 4% for the period. We are at an annualised net revenue run-rate of ?1,130 crore. It’s been a good year for us. Losses have come down significantly in FY24. By FY25, Urban Company will be a fully profitable company.”
The company is right now handling a normal of 2.2 million orders as of this quarter with a typical request worth of 1,290. At least 6 million users have conducted one transaction with the platform in the past 12 months. Thus, 6 million people have transacted in the past 12 months.
1,290. At least 6 million users have conducted one transaction with the platform in the past 12 months. Thus, 6 million people have transacted in the past 12 months.
The platform, which associates gig users with home administrations, right now has 57,000 monthly users dynamic help accomplices on its foundation, and said that the profit of its administration accomplices had expanded 13-18% in the October-December 2023 period over a similar quarter of 2021.
Based on providing fewer than 30 services per month, a partner can earn an average of 33, 469 per month, according to the most recent earnings index, while the top 20 percent of partners can earn 42,792.
33, 469 per month, according to the most recent earnings index, while the top 20 percent of partners can earn 42,792.
“Average female gig worker on the platform makes net of all commissions and costs 363 per hour which is 23% higher than what their average male counterpart earns each hour. The male average is 294 per hour”, Bhal added.
363 per hour which is 23% higher than what their average male counterpart earns each hour. The male average is 294 per hour”, Bhal added. .jpg "Karya Kalpa : Creating Spaces that Tell Unique Stories, Inspiring Comfort with Ecofriendly, User-friendly, & Budget-friendly Solutions")
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