According to data accessed by Tofler, the company’s total income doubled to Rs 263.07 crore from Rs 132.04 crore a year ago

UrbanClap Technologies India, which operates the home services platform Urban Company, has increased its advertising promotional expenses in fiscal 2020. The company’s advertising promotional expenses stood at Rs 106.38 crore for the fiscal ended 31st March 2020 up 76% compared to Rs 60.61 crore in FY19. The company refused to answer queries related to the increase in the FY20 ad spends.

According to financial data accessed by business intelligence platform Tofler, the company almost doubled its consolidated net loss to Rs 155.17 crore from Rs 78.48 crore. Total income doubled to Rs 263.07 crore from Rs 132.04 crore a year ago. Total expenditure swelled to Rs 418.25 crore from Rs 210.52 crore.

On a standalone basis, the net loss zoomed to Rs 137.86 crore from Rs 73.6 crore. Total income jumped to Rs 256.42 crore from Rs 131.59 crore while expenditure was up at Rs 394.29 crore from Rs 205.19 crore.

The company attributed mounting losses to the considerable investment it had made during the fiscal to increase its customer acquisition, acquire and retain the top talent, and various other growth measures.

The company has clocked a significant year-on-year growth in operating revenue to Rs 212 crore in FY 2019-20, compared with Rs 108 crore in FY 2018-19. The beauty and wellness vertical contributed around 55% to its FY 2019-20 revenue.

Owing to the Covid-19 pandemic, the company had to halt its business activity during the nationwide lockdown starting from 23rd March 2020. However, the company could resume its operations in the month of May and June 2020 and is now back to its steady growth.

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