Urban Company winds down Saudi Arabia subsidiary, operations to continue through joint venture

Home services platform Urban Company has shut its Saudi Arabian subsidiary, Urban Company Arabia for Information Technologies – Kingdom of Saudi Arabia (UC KSA) after the country’s commerce ministry cancelled its commercial registration, with effect from May 24.

In an exchange filing dated June 1, Urban Company stated that the winding-up process had been initiated voluntarily, with the company first informing exchanges of its intent on November 1, 2025, followed by a second disclosure on May 8. With the cancellation now formalised, UC KSA ceases to be a step-down subsidiary of Urban Company, the statement read.

Urban Company entered the UAE in 2021, followed by Australia and Singapore. On January 1, 2025, the company had entered into a 50:50 joint venture with SMASCO, a Saudi partner, to build a home services platform in the country under the brand Yammak. In 2022, it exited Australia after operating there for three years.



CEO Abhiraj Singh Bhal said in a post on X that the company remains bullish on its operations in Saudi Arabia, calling it a “high potential” market. "Yammak has been scaling well with a clear path to profitability, and we remain very excited by the progress so far," Bhal wrote, adding that, "As the market is now being served through the joint venture, we have wound down our step down subsidiary as part of a routine operational process."

This comes as Urban Company pushes for profitability over sheer scale. The firm, which listed in September 2025, reported a 57-fold jump in net loss, at Rs 161 crore, in the March quarter of FY26, from Rs 2.8 crore a year earlier. Revenue from operations rose 43% on-year to Rs 425.5 crore, compared with Rs 298.4 crore in the year-ago period.

Bhal attributed the jump in losses to increased spending on its on-demand domestic-help segment, InstaHelp.