Proptech firm Square Yards revenue up 70% to Rs 670 crore in FY23

Of the total revenue in last fiscal year (2022-23), India business contributed 77% while 10% came from Gulf countries and 13% from rest of the world.

In a statement, Square Yards said the company facilitated properties as well as home loan transactions worth Rs 22,870 crore in 2022-23, registering a rise of 67% from the previous year.

“We had a sensational finish to the year with aggressive growth and strong profitability. Our focus on providing integrated solutions across the real estate ecosystem and our investments in expanding our capacity should continue to drive operating leverage over the next couple of years,” said Tanuj Shori, Founder and CEO, Square Yards.

“As we rejoice a phenomenal year, we are buckling up for an ambitious target of Rs 1000+ crore revenue and full year profitability in FY24,” he added.

Real estate services and financial services remain the largest contributors to the overall revenue, with about 87% of the overall revenue. New businesses like home renovations, property management, fractional real estate and metaverse solutions also witnessed strong growth and are poised to evolve into very large businesses in FY24.

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Square Yards said its search and discovery portal continued to gain market share with 8 million visitors per month.

The Gurugram-based company has so far raised $125 million, of which $60 million is as equity and $65 million as debt capital.