Home services platform Urban Company is planning for a definitive initial public offering (IPO) this year. The company has taken its to begin with critical step toward going open by changing over into a public entity.

The board of Urban Company has affirmed a determination to alter its status to a public company and rename it from "Urbancalp Technologies India Private Limited" to "Urbanclap Innovations India Limited," agreeing to its regulatory filing.

Urban Company allegedly points to raise Rs 3,000 crore (roughly $350 million) through its IPO and has contracted Kotak Mahindra Bank, Goldman Sachs, and Morgan Stanley as its lead managers.

It is likely to record draft IPO papers by the conclusion of March.

Ahead of the IPO, Prosusis arranging to increment its investment in the company. Prosus is allegedly looking to contribute $30 million (Rs 250 crore) in a secondary deal, permitting Bessemer Venture Partners to make a partial exit.

The Abhiraj Bhal-led company concluded its final ESOP liquidity program in December 2021 at a valuation of $2.8 billion. Final year, it moreover completed a new buyback at a valuation of roughly $2.2 billion to $2.5 billion.

According to startup data intelligence platform TheKredible, Urban Company has raised Rs 3,457.16 crore (more than $450 million) from financial specialists counting Tiger Global, Accel, ElevationCapital, and Dharana, among others.

Urban Company works in more than 60 cities over India, the UAE, Singapore, and Saudi Arabia. The company has a partner network of over 55,000 hand-picked benefit professionals.

For the financial year finishing in March 2024, Urban Company's income from operations developed 30% year-on-year to Rs 827 crore from Rs 637 crore in FY23. The Gurugram-based startup too detailed a 70% decline in losses to Rs 93 crore in the final financial year.