On-demand hyperlocal home services marketplace UrbanClap( UrbanClap Technologies India Private Limited) announced its standalone financial results for the financial year 2018 to report a 225% jump in its revenues reaching $7.27 Mn (INR 53.37 Cr).
According to the financials accessed via Tofler, Business Intelligence Platform for India, the company also reported a net loss of $7.79 Mn (INR 57 Cr), which is 14% less than $9.1 Mn (INR 66.7 Cr) of FY17.
On that note, FY17 was a 98% jump in UrbanClap’s losses as the company expanded its presence and handled the hyperlocal bubble of 2016.
Moving forward, the study of these financials also had some interesting happenings for nearly 500 employees of UrbanClap, which increased the Employee Benefit Expenses by 23.5% reaching $6.19 Mn(INR 45.3 Cr).
Along the same lines, the total expenses for UrbanClap for the year were $15 Mn (INR 110 Cr), a 32.9% increase from $11.34 Mn (INR 83.16 Cr) of the previous year. According to Inc42 findings, high expenses were one of the major factors causing on-demand service startups to shut shop in 2016 and 2017.
Going forward, here’s a look at some of the interesting information we found about UrbanClap for this year:
- The company recorded Revenue from operations of $6.36 Mn(INR 46.6 Cr), a 326% increase from the previous year
- UrbanClap’s net worth for FY18 has been $25.97 Mn (INR 190.46 Cr)
- The company has noted that it has carried on various customer inducements and acquisition programmes, the expenses for which are under marketing and promotional discounts which had an interesting story to tell. The promotional discounts have reached $425.6K (INR 3.12 Cr), a 135% jump for FY18
- At the same time, marketing expenses saw a marginal control of 3% reaching $4.2 Mn (INR 30.8 Cr) — FYI, this constitutes nearly 75% of the revenues for the year
In What The Financials analysis, Inc42 Datalabs found that UrbanClap went big in creating an aggregated marketplace with a wide range of services with ticket sizes ranging from INR 500 to INR 1 lakh.
It had also announced its plan to go international and has already launched operations in Dubai.
With its operations in eight cities – Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai, and Pune – UrbanClap now claims to have served 3 Mn customers with its 100K verified experts as of July 2017.
Till date, it has raised $60.7 Mn funding in six rounds led by major VC firms like SAIF Partners, Accel Partners and Bessemer Venture Partners. It further boasts of investors such as Snapdeal co-founders Kunal Bhal, Rohit Bansal and Ratan Tata.
Amid tough competition in the hyperlocal industry, UrbanClap continues to make its presence stronger and broader on the ground as well as on the books.