Accel India holds 14.56 crore shares in the tech-enabled home services marketplace, translating into a 9.9 per cent stake on a fully-diluted basis, reports note
Silicon Valley venture capital firm Accel is set for a 2,600 per cent return in Urban Company’s upcoming initial public offering (IPO) of Rs 1,900 crore. The reports noted that Accel is one of the early backers of Urban Company.
Accel India holds 14.56 crore shares in the tech-enabled home services marketplace, translating into a 9.9 per cent stake on a fully-diluted basis, as per the company’s red herring prospectus (RHP). The reports added that if the IPO pricing is considered at Rs 103 apiece, the venture firm is sitting at a profit of Rs 1,445 crore, with an average cost of acquisition pegged at Rs 3.77 per share.
The reports highlighted that other investors like Bessemer India Capital, Elevation Capital and Internet Fund will also offload their shares. Reports mentioned that Bessemer India Capital will sell shares worth Rs 173 crore, while Elevation Capital will sell shares worth Rs 346 crore. The IPO of Urban Company will open on 10 September for investors.
Earlier, Marking its entry into the rapidly growing quick commerce space, Urban Company, an at-home services startup has introduced Insta Maids. This is aimed at allowing its users to book a househelp in 15 minutes, as per the reports.
Ranging from day-to-day household chores like utensil cleaning to brooming, mopping and cooking, Insta Maids will enable the users to get access to these services and will be paid on an hourly basis. Having been rolled out in Mumbai, the househelp service which starts at Rs 49 per hour is currently in the pilot phase, the reports added.
