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Urban Company Exits Unprofitable Saudi Operations

Urban Company Exits Unprofitable Saudi Operations

Urban Company, backed by Tiger Global, is shutting down its unprofitable subsidiary in Saudi Arabia, Urban Company Arabia for Information Technology (UCAIT). The company is transferring its operations to a new joint venture established in October 2024. UCAIT reported significant losses over the past few years, leading to this decision. Urban Company's expansion into Saudi Arabia was initially launched through a partnership with Saudi Manpower Solutions Company. While the firm is performing well in other markets like the UAE, the Saudi operation is still in the investment phase. They are also preparing for a ₹1,900 crore IPO in India, indicating a focus on domestic growth.

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