In a remarkable turn of events, India’s premier home services platform made a striking entrance into the public market, showcasing an impressive 58% increase over its initial offering price. This debut marks a significant milestone as it becomes the most subscribed IPO in the country this year.
The startup, headquartered in Gurugram, has revolutionized the way users access at-home services, ranging from beauty treatments to appliance repairs. It launched on the National Stock Exchange in Mumbai at ₹162.25 per share (approximately $1.84), a substantial rise from its IPO price of ₹103. The offering, which opened for subscriptions last week, saw an overwhelming response, being oversubscribed by more than 100 times, indicating strong interest from both institutional and retail investors.
This public listing has also provided an exit opportunity for early investors, with Accel leading the pack in terms of returns, followed closely by Elevation Capital and Tiger Global. Accel, which invested at an average price of ₹3.61 per share, is poised to enjoy potential profits nearing 45 times its investment, while Elevation, with an entry price of ₹5.39 per share, stands to gain around 30 times. Tiger Global, on the other hand, is looking at more modest returns, estimated at about 1.3 times its initial investment.
A significant factor contributing to the success of this platform over the past decade has been its ability to bring organization to the traditionally fragmented household services sector in India. Services such as cleaning, plumbing, electrical work, massage, and beauty treatments have been digitized through its user-friendly app, creating a seamless on-demand platform in a market that previously lacked standardization. This strategic approach has allowed the company to maintain a dominant position, effectively becoming the largest organized player in this industry.
Prior to launching its $217 million public offering, the company secured $97 million from a range of anchor investors, including prominent names like Goldman Sachs, Dragoneer Investment Group, and Norges Bank. Additionally, domestic mutual funds such as SBI Mutual Fund and ICICI Prudential participated in the pre-IPO secondary round, further solidifying investor confidence.
Founded in November 2014 by Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra, the platform currently operates in 59 cities across four countries, including India, the UAE, Singapore, and Saudi Arabia, with India being its largest market. The company has ambitious plans to expand its reach to over 200 cities by the end of the fiscal year 2030, aiming to enhance the accessibility of its household services.
Looking ahead, the company intends to allocate the net proceeds primarily towards technology development and cloud infrastructure, alongside lease payments for office spaces and marketing initiatives.
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