Urban Company, a Gurugram-based home services platform, has filed draft papers with SEBI for an IPO of Rs1,900 crore ($223 million). The issue comprises a fresh issue of Rs429 crore and an offer for sale (OFS) of Rs1,471 crore by existing investors.

Early backers such as Accel India and Elevation Capital, holding 10.5% and 10.8% stakes respectively, will offload shares worth Rs779 crore. Other key investors, including Tiger Global (via Internet Fund V) and VY Capital, are also participating in the OFS.

More than half of the fresh capital raised will be used to upgrade technology infrastructure, expand cloud capabilities, lease office spaces, and boost marketing efforts.

Urban Company's IPO follows a financial turnaround registering a pre-tax profit of $271.4 million for the nine months to December 2024, versus a $577.7 million loss in the same period last year. A tax credit allowed the company to register a net profit of $2.43 billion.

Operating in 59 Indian, UAE, and Saudi Arabian cities, Urban Company has expanded from home and beauty services to more on-demand services. The IPO places it in a position to grow further as competition intensifies and investor appetite for India's startups picks up. Competitors such as Zepto, Ather Energy, and PhonePe are also joining the public offering fray, marking the revival of the startup IPO surge.