Proptech startup Square Yards turns profitable with a revenue of Rs 220 Cr in FY19
Gurugram-based proptech startup Square Yards announced that it has clocked a revenue of Rs 220 crore ($32 million), with 11,500 transactions for the financial year ending March 31, 2019 (FY19).
The startup said that revenue from its real estate business grew by over 50 percent year on year and the company turned profitable at EBITDA level for the last quarter. With a Gross Transaction Value (GTV) of almost Rs 5,000 crore ($725 million), the company is about to become one of the few startups in India with a GTV of $1 billion.
Indian real estate operations contributed 70 percent to the group’s overall revenue followed by international real estate with 20 percent while the remaining 10 percent came from the mortgage business.
The company is already RERA registered in 15 Indian states. Homes built by grade A+ and grade A developers make up over 75 percent of its total sales volumes. In the Indian real estate market, it is focussed on the mid-range segment, where millennials buying their first homes are a majority.
Square Yards' international real estate arm recorded a 107 percent growth in FY 2018-19 over the previous year, both in terms of GTV and revenue. The company claims that it is is one of the largest off-plan agencies in the UAE market. Also, its operations in Australia, Canada, and Hong Kong are registering over 100 percent growth in transaction volumes and revenue, albeit with a small base.
The startup claims that it dominates the NRI sales segment and has expanded its presence to newer geographies like Kuwait and Bahrain.
On mortgage side, Square Yards clocks 800 monthly transactions, and disburses around Rs 300 crore ($45 million) worth of mortgages every month.
With this, the company now plans to double its workforce to over 5,000 people in the next two quarters and are targeting more than 100 percent growth in revenue for the new financial year.
Tanuj Shori, Founder and CEO of Square Yards, said,
"We are also investing heavily in new technology to create products for various stakeholders in the industry, especially in Enterprise Solutions. Some of these products are expected to become pillars of the entire real estate and mortgage value chain."
Founded in October 2013, the Gurugram-based startup has 2,800 employees across 20 Indian cities and 10 international locations.