The surge in Urban Company’s valuation comes after the company completed its largest employee stock option plan (ESOP) sale, which was worth US$7.3 million. The firm has posted an annualized revenue run rate of US$250 million in its latest financial year and is expected to reach US$500 million by the time the IPO process is due. However, co-founder Ronnie Screwvala said that the total stake held by founders will drop to 51% by the time the company is ready for listing. The company entered the quick commerce space in August by offering 10-minute delivery to its customers in 12 of the top cities in India.