Urban Company sees revenue soar 103% in FY20; to launch new arm of online extracurricular activities for kids

Urban Company (previously UrbanClap), on Tuesday, reported a surge of 103% in its unaudited working revenues in FY20 over FY19. The agency clocked Rs 216 crore in FY20 from Rs 106 crore in FY19. The agency’s revenues are largely earned from fee charges on each transaction facilitated by its platform.
In FY20, the agency modified its accounting methodology from I-GAAP to IND-AS accounting methodology. As per I-GAAP accounting methodology, its working revenues in FY19 have been Rs 116 crore which rose to Rs 242 crore in FY20. The web reserving worth of all transactions by means of the Urban Company platform grew 138% from Rs 385 crore in FY19 to Rs 918 crore in FY20.

The firm highlighted that the sweetness and wellness vertical contributed to roughly 55% of its revenues in FY20.

Abhiraj Singh Bhal, co-founder, Urban Company advised ET Digital, “55% of our revenue came from the beauty and wellness vertical. The reason behind this growth is a combination of the convenience of getting the service at home and our ability to deliver a good quality experience to our end consumers.”

He added that these residence companies in post-Covid world will solely speed up as will probably be carried out in a managed surroundings of customers’ houses and folks safer in their houses.

When requested if corporations like Urban Company will intensify competitors for brick-and-mortar shops and salons in a post-Covid world as residence companies will enhance, Bahl dismissed the thought saying they’re as a substitute planning to accomplice with these staff.

“We don’t look at them as a competency. We are aggregators and we want to bring on board the best of the local economy, the best beautician, best barbers, best plumbers and take them to end consumers. So we actually think that this is the right time to accelerate our partnerships with the local economy. We don’t see that as a competition but as a future partner,” he mentioned.

Bahl highlighted that for FY21, the agency is specializing in the well being and security of its clients. Urban firm has carried out a complete set of eight security protocols, together with the utilization of masks and gloves, necessary use of the Aarogya Setu app, day by day temperature checks, single-use sachets and disposables, sanitization of all instruments earlier than the service supply, no companies in containment zones, well being and security coaching of its service companions and cashless transactions.

The Covid-19 disaster has given the corporate a possibility to launch its new service of disinfecting and sanitizing private and non-private areas corresponding to houses, workplaces, non-public workplaces, retailers, and business institutions.

“We launched the service last month and it is seeing a lot of traction and success. A lot of commercial establishments and even government offices are using this service,” he mentioned.

In the meantime, Bahl revealed that in the subsequent two to three weeks, Urban Company is planning to launch its new arm of offering online extracurricular activities for kids corresponding to studying music and overseas languages.

Expanding their portfolio of serving to gig economy staff, Bahl mentioned they are going to be hiring extracurricular specialists for the identical and this will probably be extra of white-collar nature.

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