The home services firm Urban Company has been valued at $2 billion after it rose $190-million through Prosus Ventures. Being backed by Ratan Tata and Kalyan Krishnamurthy, Urban Company is the twelfth Indian start-up to join the unicorn club of 2021.
The Fintech Startup CRED’s valuation slingshots nearly 3X to $2.2 billion in just 3 months but the startup posted a loss of Rs 360 cr on a mere revenue of Rs 52 lakh in FY 2020, sparking a debate on hazy business models.
The pandemic took a toll on Indian Startups, hundreds of which are handing out thousands of pink slips to employees to cut losses. Even big unicorn startups are no exception.