“Although our India business had previously achieved profitability, investments in overseas markets had kept us in the red. India’s profits now offset the overseas losses, turning the overall business profitable,” he wrote.
In August last year, the company had said its India business accounted for about 90% of revenue.
The company is yet to file audited financials for FY24 with the Registrar of Companies (RoC).
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Last year, Accel and Prosus Ventures-backed Urban Company had forayed into Saudi Arabia as its third international market after the UAE and Singapore. In 2022, it had exited Australia after operating there for three years. Australia was the second international market it had entered after the UAE.
Besides services, Urban Company also launched its own water purifiers last year under the brand Native.
“We remain focused on improving profitability for India and UC as a whole,” the firm had said in August last year. “Our strong unit economics with focused cost control will help us drive Ebitda improvement as the business scales.”
Urban Company primarily functions within two categories: beauty and wellness, which includes salon and spa services along with laser hair reduction; and home repairs and maintenance, comprising tasks like plumbing, electrical work, carpentry, cleaning, pest control, appliance repair and painting.