Urban Co forays into consumer appliances
₹637 crore, while losses narrowed from ₹514 crore to ₹308 crore. Urban Company’s India business broke even in the first quarter of FY24, it said. “We made meaningful progress in improving profitability driven by operational leverage in fixed costs and driving efficiency across other costs," the company said in a post on its website in August.
It added three independent board members—Dr Ashish Gupta, Ireena Vittal and Shyamal Mukherjee. In 2021, Urban Company had raised $255 million at a valuation of $2.1 billion. Bhal said the company is currently well-capitalized.
“We have a lot of capital—we have more than $160 million in the bank—we’re hardly burning any cash. As you might be aware, we announced that in the first quarter of this financial year, the India business broke even. So, India is now going to operate near break even, and over time generate cash.
So Urban Company India doesn’t really have any major funding needs. India constitutes about 90% of our business. Most of the capital is actually going to overseas markets," he said.
In 2021, Bhal had also revealed plans to go public by 2023. However, he refrained from disclosing the company’s plans for an IPO. “We definitely want to go public.
It’s a function of internal readiness. We have started putting some blocks in place and on-boarded three independent directors last year. We want that to happen well in advance in the public listing, along with strong governance, and more focus on internal controls and readiness.
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