Urban Company has unveiled its annual business summary for FY’23, showcasing a remarkable year-on-year growth of 45%. The report underscores the company’s commitment to two core values: customer obsession and partner empowerment. Through these values, Urban Company aims to enhance service experiences, empower partners for sustainable livelihoods, and advance towards profitability while strengthening corporate governance and ESG practices.
Financial Performance Highlights
- Revenue Growth: Urban Company witnessed a robust revenue growth of 45% year-on-year, soaring from INR 438 Cr. in FY22 to INR 637 Cr. in FY23.
- Reduced Losses: The company achieved a significant reduction in losses before taxation (Ind AS), dropping from INR (514 Cr.) to INR (308 Cr.), while the adjusted EBITDA loss decreased from INR (377 Cr.) to INR (297 Cr.).
Customer Satisfaction and Partner Empowerment
Urban Company’s success is underpinned by its unwavering focus on customer satisfaction and partner empowerment. In FY23, the platform maintained an impressive average rating of 4.82 out of 5.0, with 77% of business stemming from repeat customers acquired in previous years. Top-performing partners earned an average monthly income of INR 40,000, net of all commissions and expenses, demonstrating the platform’s commitment to fostering sustainable livelihoods.
Strategic Investments and Operational Efficiency
The company’s growth trajectory in FY23 was fueled by strategic investments in service quality, partner training, innovation, brand building, and technology development. Urban Company witnessed steady business expansion, with revenue from operations (consolidated) surging by 45%. Moreover, efforts to enhance profitability yielded positive results, as losses decreased from INR (514 Cr.) in FY22 to INR (308 Cr.) in FY23.
India Business Performance and Partner Benefits
Urban Company’s India business achieved adjusted EBITDA breakeven during Q1 FY24, underscored by negative working capital. India accounts for approximately 90% of the company’s revenues. The platform prioritizes partner empowerment, offering various benefits such as free life, accidental, and health insurance cover for all active partners in India.
Social Security Benefits for Partners
Partners in India enjoy a range of social security benefits, including:
- Free life insurance cover of INR 6 lacs
- Free disability insurance cover of INR 6 lacs
- Free health insurance cover for up to INR 1 lacs
- Select high-performing partners receive a free family health insurance cover of INR 2 lacs, covering their spouse and two children
- Up to 12 free medical consultations per year
- Access to credit through tie-ups with NBFCs and fintechs, offering personal loans up to INR 1 lacs and initial kit loans at attractive interest rates.
Urban Company’s commitment to customer satisfaction, partner empowerment, and financial sustainability underscores its position as a leader in the industry, driving growth and innovation while creating meaningful impact in communities.
