Urban Company (formerly known as Urban Clap) has acquired an Australia based on demand beauty startup called Glamazon. The startup works exactly like Urban Company and will now be rebranded to basically do the same thing it did before, albeit under the ‘Urban Company’ brand name.
Glamazon was co-founded 4 years ago by Lisa Maree and Lauren Silvers, the latter of which will now head Urban Company’s branding and marketing in Australia. The other founder, Lisa Maree, will leave Glamazon altogether and will take an exit from the new company. It is unknown whether there is a stock component involved in th
The deal, whose value has not been made public, will help Urban Company expand its operations in its newest market-Australia. The company helps users book salons, freelance stylists and beauticians in real time through its online platform. This move will ascertain Urban Company’s place as the top contender in the market in Australia.
Australia is Urban Company’s third overseas market after UAE(Dubai, Abu Dhabi) and Singapore. It entered the market in October last year and has since been competing with Glamazon. In its home market India, Urban Company, through its six sector-specific brands, claims to have over 25,000 service professionals on its platform, serving around 800,000 services a month in 22 cities. Before the takeover, Glamazon had around 1700 professionals working for it. The startup had raised over $1.2 million in funding prior to this deal and has now been taken over for rebranding.
The news comes just 2 months after UrbanClap rebranded itself to Urban Company. The company said that this move was for its international expansion, as the leaders wanted a more ‘international’ name for the brand.
Urban Company has rapidly risen to become one of India’s most valued upstarts, having raised a total of $186 million across multiple rounds till date. However, the company has to deal with rising losses as it continues to expand at an unprecedented rate. In the financial year 2019, the company spent INR 211.66 Cr and earned INR 141.15 Cr. At the same time, losses for the company stood at around INR 70 Cr.
