New Delhi, May 2 -- Tiger Global-backed Urban Company is winding down its step-down subsidiary in Saudi Arabia as it was proving financially unsustainable, according to its draft red herring prospectus (DRHP).

The home-services company said it was transferring its Saudi operations to a joint venture it launched in October 2024, with an intent to wind down the step-down subsidiary, Urban Company Arabia for Information Technology (UCAIT).

UCAIT reported a loss before tax of Rs.23.45 crore for the nine months ending December 2024, up from Rs.8.29 crore in the year-ago period. Its loss for the fiscal year 2023-24 stood at Rs.14.08 crore, for 2022-23 at Rs.17.77 crore, and for 2021-22 at Rs.10.10 crore.

"We have started operations through o...