Snapdeal founders Kunal Bahl and Rohit Bansal exited Urban Company, the at-home services platform, gaining nearly a 200 times return from their initial seed investment as per a report by Economic Times.
By making a full exit that closed earlier this month, Bansal and Bhal made an aggregate proceeds of Rs 111 crore, having invested Rs 57 lakhs in 2015, people aware of the matter said.
The duo who also head the investment fund Titan Capital, sold their stake to Dharna Capital, an offshoot of Vy Capital which made a $50 million secondary transaction at the Gurguram-based firm.
Vamsi Duvvuri, founder and managing partner of Dharana Capital is set to join the Urban company board as a non-executive director.
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Some employees had also offloaded their stock options as part of their secondary deal.
ET stated that Bahl had exited the company without divulging any details.
“Urban Company has built an enduring and growing business with a strong foundation. We have been fortunate to be part of this journey from its earliest days and immense credit is due to Abhiraj (Singh Bhal), Varun (Khaitan) and Raghav (Chandra) and their team for building it with great determination, resilience and foresight,” Titan Capital reportedly said in a statement.
Having recorded Rs 282-283 crore in revenue for the April-June quarter this year, logging a profit before tax, the company is expected to turn profitable in FY25 as per Bahl.
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For FY23, it reported a 45% year-on-year jump in operating revenue to Rs 637 crore. Its loss before taxes for the year narrowed to Rs 308 crore compared with Rs 514 crore in FY22.
The company is yet to file its financial statements for the fiscal year ending March 2024.
Reportedly,100% of the gains would be redeployed to fund and grow a set of exceptional Indian startups in the days to come.
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