Square Yards, one of India’s foremost property brokerage firms, backed by the Reliance Group (spearheaded by Anil Ambani), has posted 56% of growth in its revenues for the second quarter of the financial year 2019-20 as confirmed by CEO Tanuj Shori. Square Yards has achieved revenues of Rs. 75.5 crore for Q2 FY2019-20 as compared to Rs. 48.3 crore in revenues in the same period in 2018.
In September, 2019, Square Yards raised a sum of $25 million or approximately Rs. 175 crore via preferential issue of equity shares to several investors which includes the Times Group. Shori has stated that Square Yards has continued to perform strongly amidst a scenario where the industry is battling a slump. The company has not just achieved 56% of revenue growth but also 67% of real estate segmental growth along with record high brokerage margins.
In Q2 FY2019-20, 73% of the company’s revenues were contributed by real estate in India while international business accounted for 20%. The mortgage division contributed 7% of the remaining revenues as per Shori. GTV (Gross Transactions Value) increased by a handsome 30% to touch Rs. 1,470.3 crore in the period between July and September this year. Shori also confirmed that Square Yards had successfully closed $25 million in funding which is part of the company’s ongoing fund-raising exercise in this quarter.
BCCL was the leader in the round where several marquee entities participated from various capital markets and sectors. The company will tap these funds for technology development, brand campaigning and for driving future growth. The company has raised $50 million in equity till date along with $25 million in debt financing ever since it started operations in the year 2014. $12 million had been invested by the Reliance Group’s private equity division in November 2016.
Square Yards posted Rs. 220 crore in revenues for FY2018-29 and presently has more than 2,000 employees.
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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.