Tiger Global-backed Urban Company acquires assets of Australian beauty startup

Urbanclap Technologies India Pvt. Ltd, which operates home services marketplace Urban Company (formerly known as UrbanClap), has acquired the assets of a Sydney-based on-demand beauty services startup.

The Tiger Global-backed Urban Company has acquired Glamazon’s assets, Urban Company confirmed to VCCircle.

Glamazon, founded by Lauren Silvers and Lisa Maree in 2016, provides on-demand home and personal care services. Urban Company had first entered the Australian market in November last year.

Glamazon has rebranded itself under the Urban Company as part of the transaction. The deal will see Maree exiting Glamazon, while Silvers will lead its branding and marketing operations in Australia. 

However, it is not yet clear at this time what kind of deal was conducted between the two and the financial components of the transaction.

“Australia is an attractive market and holds great promise for Urban Company with its demographic advantages. We believe there is a huge opportunity for us to deliver high-quality service in-home repairs and beauty services," Abhiraj Singh Bhal, co-founder at Urban Company, said.

Apart from Australia, Urban Company’s international presence also extends to the United Arab Emirates and Singapore. According to VCCEdge, the data research arm of Mosaic Digital, Urban Company delivered consolidated net sales of Rs 115.65 crore for the financial year ending March 2019.

It was founded in 2014 by Bhal, Varun Khaitan and Raghav Chandra. It is an online marketplace for local services such as repair and maintenance, packers and movers, event management, health and wellness, and salon services.

In August last year, the US-based Tiger Global led a $75 million (around Rs 520 crore) Series E funding round in the Gurugram-based Urbanclap Technologies. Existing investors Steadview Capital and Vy Capital also took part in the round. In July, the company said it had raised Rs 1.5 crore from former Flipkart employee Mekin Maheshwari and Avaana Capital founder Anjali Bansal.

It raised $50 million late in 2018 in a Series D funding round led by the Hong Kong-based hedge Steadview Capital and Vy Capital, the latter of which led its $21 million Series C funding round in June 2017. In its Series B funding round, in November 2015, Urban Company secured $25 million from Bessemer Venture Partners, Accel and SAIF Partners.

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