Urban Company posts ₹59.3-crore loss in Q2

HOME-SERVICES PLATFORM URBAN Company, which listed on the bourses in September, reported a net loss of =59.3 crore for the July-September quarter, compared with a profit of 7 crore in the previous quarter and a loss of %1.8 crore in the same period last year.

- FE BUREAU

The company attributed the loss primarily to upfront investments in scaling its newly launched vertical, Insta Help, which provides professionals for daily cleaning services in 15 minutes.

According to the company, an adjusted Ebitda loss of $44 crore in its Insta Help vertical pushed the overall adjusted Ebitda loss to $35 crore in Q2, compared with a loss of $30 crore in the year-ago period. Excluding Insta Help, Urban Company recorded a positive adjusted Ebitda of $10 crore.