Urban Company, formerly known as Urban Clap, has established itself as the leading home service provider in India in just under a decade since its launch in 2014. However, the origin of the company and its idea dates back to the college days of two of its founders, Abhiraj Bhal (CEO) and Varun Khaita (COO).
Varun and Abhiraj first met while pursuing engineering at the renowned Indian Institute of Technology (IIT) Kanpur. Despite going on to pursue different career paths, the two friends stayed in touch over the years. Varun went on to work for the semiconductor giant, Qualcomm, while Abhiraj pursued an MBA degree from the Indian Institute of Management (IIM) Ahmedabad. After completing his degree, Abhiraj joined the Boston Consulting Group, where Varun later followed suit a few months later.
Varun and Abhiraj shared a common passion for entrepreneurship. Prior to their current venture, they had even launched an on-the-go streaming service called Cinemabox. However, their first entrepreneurial attempt was short-lived and lasted only six months.
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Despite their initial setback, Varun and Abhiraj remained determined and continued to brainstorm ideas for their next entrepreneurial venture. Their persistence led them to meet their third co-founder, Raghav Chandra, who had also experienced a failed business venture. During a series of intense discussions, the trio identified a gap in the home services sector, as reported by YourStory.
In November 2014, the three founders established Urban Clap. The company quickly gained momentum, drawing investors such as the iconic industrialist Ratan Tata. As of June 2021, the company achieved a valuation of $2.1 billion and in December 2021, it secured a funding of $2.8 billion (over Rs 23,000 crore) through its fourth ESOP sale. Today, Urban Company boasts over 5 million customers and a network of over 30,000 service professionals.