Urban Company converts to public entity ahead of IPO
Urbanclap Technologies has converted into a public entity, according to regulatory filings made with the Ministry of Corporate Affairs (MCA).
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This is a key step ahead of Urban Company filing papers for its initial public offering (IPO).
The Prosus-backed startup is planning to file its draft red herring prospectus in the next two months, people in the know said. Reportedly, it is aiming for a Rs 3,000-crore issue.
In the financial year ending March 2024, Urban Company narrowed its net loss to Rs 93 crore from Rs 312 crore in FY23.
Its operating revenue during the year rose nearly 30% to Rs 827 crore. In the first quarter of the ongoing fiscal, Urban Company reported a pre-tax profit.
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