Company News
Flipkart Chief Executive Officer (CEO) Kalyan Krishnamurthy has put Rs 1.6 crore in UrbanClap, the Gurugram-based home services start-up, company filings sourced from business intelligence platform paper.vc showed.Krishnamurthy, a former Tiger Global top executive, will also act as an advisor to UrbanClap, a source with direct knowledge of the development said.
In March, Krishnamurthy had invested in B2B e-commerce firm Moglix in a similar fashion. It is not immediately clear whether the investments are a precursor to potential business partnerships between Flipkart and either of Krishnamurthy’s investee companies, but the new deal lays bare his strategy to back companies with a proven e-commerce track records.
UrbanClap declined to comments for the story while Krishnamurthy could not be immediately reached for his comments.
Company filings dated April 5 showed, Krishnamurthy was allotted 310 equity shares in Urbanclap Technologies India for Rs 51,551 apiece. The investment is part of the firm’s $50 million series D round that closed in November, according to the source cited above. The said round was led by Steadview Capital and Vy Capital.
“We believe that UrbanClap is likely to raise a massively large round at a premium equal to or higher than the 51K that Kalyan paid," said Vivek Durai, founder of paper.vc. “UrbanClap is in a small tier of venture-backed start-ups that have displayed conventionally great financial performance.
FY18 numbers show a 14% reduction in losses and a 225% increase in revenue. There is no reason to believe that graph will not continue into 2019.”...Read More
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