Leading real estate services platform Square Yards has confirmed its official entry into the home interiors and furnishing business with a view towards offering 360-degree and full-stack customer services. Square Yards touched revenues of Rs. 350 crore for FY2020-21 while having established the Interior Company subsidiary in this new category. A new platform has been launched for offering home interior and furnishing solutions as per reports. This subsidiary has established offices at Delhi-NCR, Bengaluru and Mumbai and it is looking at scaling pan-Indian and Middle Eastern operations via the integrated technology platform for end-to-end interior design and execution alike.
The Chief Executive Officer and Founder at Square Yards, Tanuj Shori, stated that the company has been getting strong signals of demand for interior solutions from existing real estate buyers, top developers in India and a broker network encompassing more than 200,000 brokers. Shori stated that this capability has been built in-house by Square Yards which also clocked monthly revenue run rate of $0.05 million within only two months from its beta launch. He added that Interior Company is aiming to become a leading player in the segment within a year of its operations.
The initial focus will be new home buyers in the primary realty segment while it is already developing modular and standardized solutions for ready to move in units and those nearing possession in some of the top projects by leading developers in key Indian metro cities. Square Yards is already offering diverse services through numerous platforms including search and discovery, mortgages, transactions, rentals, home interiors, after-sales services and property management. The company posted 17% growth in revenues at Rs. 348.8 crore in the last fiscal as compared to Rs. 298.2 crore for FY2019-20. Real estate operations in India accounted for 50% of revenues while 41% came from global business. The remaining 9% came from the companys mortgage division.
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.