At-home services platform Urban Company has received SEBI approval for its initial public offering (IPO), according to a notification from the market regulator.
The company had filed its draft red herring prospectus in April for a Rs 1,900-crore IPO, including a primary issue of Rs 429 crore, after reducing the total IPO size from the earlier Rs 3,000 crore.
Based in Gurugram, Urban Company won Startup of the Year at the ET Startup Awards 2025 on August 28 and counts prominent investors such as Bessemer Venture Partners, Accel, and Elevation Capital among its backers.
The company’s operating revenue jumped 38% in 2024-25 to Rs 1,144 crore, while it turned profitable with a net profit of Rs 240 crore, compared to a loss of Rs 93 crore in FY24.
Meanwhile, wearables and audio brand Boat, which had filed its IPO through SEBI’s confidential route, also received approval. This route allows companies flexibility in determining the issue size initially and permits revisions of up to 50% in fresh shares until an updated DRHP is filed.
Boat counts Fireside Ventures, Qualcomm Ventures, and Warburg Pincus among its backers and is reportedly targeting a valuation exceeding $1.5 billion. Earlier, in January 2022, the brand had filed draft papers for a Rs 2,000 crore IPO but paused the plan due to market conditions, instead raising $60 million in private funding from Warburg Pincus and new investor Malabar Investments at a minimum valuation of around $1.2 billion.
These two startups join a growing roster of new-age companies, including Meesho, Groww, Lenskart, PhysicsWallah, and Pine Labs, preparing to go public this year. Notably, edtech unicorn PhysicsWallah received SEBI approval for its IPO on July 18.
