Can Urban Company Pass Covid-19 Test After 2.4X Surge In Bookings In FY20?

Gurugram-based hyperlocal services provider Urban Company announced on Tuesday (May 12) that its operating revenue for the year ending March 31, 2020 was INR 216 Cr, under IND-AS method.

The company said that last year under IND-AS method its operating revenue was INR 106 Cr. This year, the company changed its accounting method from GAAP to IND-AS as the company crossed a certain revenue threshold, said CEO Abhiraj Bahl. In comparison under GAAP measures, the company said it has operating revenue of INR 242 Cr in FY20, as against INR 116 Cr in FY19. Bhal clarified that these are consolidated figures, but refused to share details of expenses and loss for the year.

As Inc42 reported earlier, in FY19, Urban Company reported consolidated revenue of INR 141.6 Cr, with expenses of INR 216.9 Cr, leading to a loss of INR 75.3 Cr. On a standalone basis, Urban Company spent INR 211.66 Cr in FY19 to earn INR 141.15 Cr for the year, leading to losses of INR 70.5 Cr for the year.

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