2024-07-19 04:25:19
New Delhi: Kunal Bahl and Rohit Bansal, founders of e-commerce firm Snapdeal and investment fund Titan Capital, have hit the jackpot. They invested Rs 57 lakh in home services platform Urban Company in 2015 and got a 200-fold return on it. According to sources, Bahl and Bansal have sold their entire stake in Urban Company to V Capital’s company Dharana Capital for Rs 111 crore. Apart from them, some employees of the company have also sold their stock options under a secondary deal. Dharana Capital founder and managing partner Vamsi Duvvuri will join the board of Urban Company as a non-executive director. Bahl confirmed his exit from Urban Company, but did not give much information about it. Other investments in which Titan Capital has made 100 times or more returns include Ola Cabs, OfBusiness and Credgenics. Bahl and Bansal have completely exited Ola Cabs while they have made a partial exit from Credgenics. He continues to hold a stake in OfBusiness. Titan Capital said in a statement that Urban Company is now in a strong position. We have been fortunate to be a part of this journey since its early days.
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Company revenue
Bahl and Bansal said that the profits made in Urban Company will be used to help the next generation of founders. Snapdeal’s founders have made angel investments in 300 startups using their personal capital through Titan Capital. Last year, the two sold shares worth about Rs 78 crore through the IPO of Mamaearth’s parent company Honasa Consumer. At the issue price of Rs 324 per share, Bahl and Bansal got a return of more than 100 times the acquisition cost of Rs 3.21 per share. Urban Company achieved a revenue of Rs 282-283 crore in the April-June quarter this year. The company is expected to turn profitable this financial year.