Formerly known as UrbanClap, Urban Company has announced an increase of 103% in its unaudited operating revenue for the current fiscal year. The company recorded Rs 216 crore in 2020 as compared to Rs 106 crore in 2019. The average booking value of all transactions through the company’s platform grew by 138% which is approximately from Rs 385 crore in FY19 to Rs 918 crore in FY20.
More than 50% of the revenue comes from beauty and wellness section. Abhiraj Singh Bhal, Co-founder of Urban Company explained that their 55% revenue comes from beauty and wellness section because of the convenience and security in the services they provide. Due to Covid-19, people have started prioritizing sanitation over other things and this will give a boost to Urban Company’s business as the services will be delivered in customer’s home itself.
The company sees itself as an aggregator of best services through best local barber or beautician or plumber. They will take this situation as an opportunity to make these local vendors as their partners. The company has been actively focusing on health and security of its workers and customers and hence launched an extensive sanitization plan including compulsory use of Aarogya Setu app and no service in containment zones.
The startup is using benefits of Covid-19 and has already launched disinfecting and sanitizing services which has received good response. They also plan on launching its new initiative of providing extracurricular classes to kids like learning a foreign language and learning music.