India, May 2 -- Consumer services unicorn Urban Company has filed its draft papers with the capital markets regulator SEBI on Monday (April 28) to raise INR 1,900 Cr through an initial public offering (IPO).

As per its draft red herring prospectus (DRHP), the company plans to raise INR 429 Cr via fresh issue of shares, marking a nearly 19% cut from the limit earlier approved by its board. Meanwhile, existing investors intend to offload stakes worth INR 1,471 Cr through an Offer for Sale (OFS).

Of the fresh proceeds, Urban Company plans to deploy INR 190 Cr towards new technology development and cloud infrastructure. Besides this, INR 70 Cr will go towards lease payments for office spaces and INR 80 Cr will be used for marketing and bran...