Urban Company logs maiden profit before tax in April: CEO
services platform Urban Company has clocked its maiden profit before tax (PBT) for the month of April this year, cofounder and chief executive Abhiraj Singh Bhal, said in a post on X, earlier known as Twitter, on Monday.
Lok Sabha Voting Phase 4: All the latest news
“Although our India business had previously achieved profitability, investments in overseas markets had kept us in the red. India's profits now offset the overseas losses, turning the overall business profitable,” he wrote.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Product ManagementVisit <div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-110090816»>The Gurugram-based company reported a 45% year-on-year jump in operating revenue to Rs 637 crore for the fiscal year ended 2023. Its losses before taxes for the year narrowed to Rs 308 crore, from Rs 514 crore in FY22. In August last year, the company had said its India business contributed about 90% of revenues.
It is yet to file audited financials for FY24 with the Registrar of Companies (RoC).
Accel and Prosus Ventures-backed Urban Company last year forayed into Saudi Arabia as its third international market after the UAE and Singapore. In 2022, it exited Australia after operating there for three years. It was the second international market it entered after the UAE.
Besides its services, it also launched its own water purifiers last year under the brand
