Real estate platform Square Yards touched a handsome 50% growth for Q1 FY22, notching up revenues of Rs. 100.8 crore with positive EBITDA run rate, GTV (gross transaction value) of Rs. 2,197 crore, growth of 80% in GTV and 80% growth in property transactions with 3,196 deals in the quarter. Square Yards CEO & Founder, Tanuj Shori, stated that Square Yard has started the year strongly and will continue ramping up distribution capacity and building the foundation for new business divisions such as rentals, SaaS and home interiors among others. He also talked of the strong traction seen in the marketplace with 45 lakh+ traffic run rate every month and 50,000+ agents who are active.
Square Yards achieved 32% of gross margins which are more in line with marketplaces worldwide (40% and more) in comparison to agency margins which are below 20%. The Global realty category accounted for 44% of revenues at Square Yards, surging by 2x and growing 200% in terms of GTV. Revenues went up by 130% in this segment while gross margins increased by 43%. The mortgage business saw a positive rebound while new verticals like home interiors touched Rs. 11 crore in revenues, starting off the year positively. Enterprise SaaS and rentals also saw good traction in this period. Square Yards has recently raised Rs. 185 crore in institutional funding from ADM Capital. This will help the company further expand worldwide, beef up new verticals and build added capacity.
Square Yards has been focusing on creating a full ecosystem of real estate services and offerings. It takes care of the entire full-stack realty journey including search and discovery, property management, home interiors, mortgages, transactions, after-sales services and more. Square Yards has recently launched its in-house home interior and furnishing service called Interior Company while having acquired PropsAMC, Azuro and PropVR sometime earlier, augmenting capabilities in data intelligence, property management/rentals and VR.
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.