The last quarter of the financial year 2018 proved to be a path-breaking period for Square Yards on several fronts, be it key operating metrics, unit economics, rationalizing cost structures, improving productivity, making processes stricter, or synergies with technology. The most significant thing to note is, the numbers that matter the most – for FY 18, SQY achieved USD27mn Gross Revenue, USD 23mn Net Revenue, Gross Transactional Value of USD 725mn, 12K transactions. These are staggering numbers relative to the sector and clearly propel SQY in the newer trajectory, which surpasses that of any organized competition in the country.
To fathom the relative strength and importance, largest developers in India move 1000 transactional quarter at best, with INR 1500crore worth of inventory. Besides, other direct peers of SQY move only a fraction of the volumes which SQY does. it is even more important to note that it puts SQY just touch breakeven point, a milestone, which puts the company in a different league altogether and proves both scalability and profitability in the proptech transactional business model.
What has led Square Yards to this point is a combination of steady increase in scalability, productivity, stringent collection processes, consolidation across key verticals, 360-degree view of the customer interactions and sales efficiency, and scalable leverage. Tanuj Shori, the Co-Founder and CEO of Square Yards, is also of the belief that technology has led to the rapid disruption of the real estate world. While the first phase of real estate technology innovation was focused more on home search and discovery, the second phase focusing on facilitating real estate transactions, had truly began. Over the last couple of years, the company has witnessed the creation of massive technology companies such as Compass, Redfin, and Opendoor that are all operating in he transaction space.
Shori further added that he is keen to take the entire real estate transactional value chain online and have attained a fair degree of success in taking a substantial chunk online already to the online platform- from lead gen, to lead management, to real-time online movement of inventory, to mortgage facilitation with banks, to pre/post sales processes and client interactions. This has been the major driving force that is expected to improve productivity metrics and overall efficiencies.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.