[Funding alert] Square Yards raises $20M equity capital from BCCL, others
Proptech startup Square Yards has raised $20 million of equity capital from a clutch of investors including Bennett Coleman & Co Limited (BCCL), Genkai Capital, Founders of PropertyGuru - Steve Melhuish and Jani Rautiainen, Koh Boon Hwee, ex-Chairman, Singtel and DBS. Some of the existing investors also participated in this round.
Square Yards has so far raised $50 million in equity and over $25 million in debt financing since inception. With the current round of strategic investments, the company’s expected valuation is estimated to be in the range of $260 million - $300 million.
With the latest fundraise, Square Yards wants to aggressively ramp up its investments in strengthening its technology infrastructure. It is also looking to build a go-to consumer brand, as well as expand to newer geographies in emerging countries, especially those that have a large primary residential market and fragmented distribution, the company said in a statement.
Tanuj Shori, Co-Founder of Square Yards, said,
“With the conclusion of this round, more than the capital, what we have truly gained is some very distinguished global expertise on our advisory board. We are very fortunate to have them guide us in our path to create one of the largest consumer tech business emerging out of India.”
Founded in 2014 by Tanuj Shori & Kanika Gupta, IIM and Wharton alumnus, respectively, Gurugram-based Square Yards is a technology-led real estate brokerage and mortgage marketplace, which claims to be moving $1 billion worth of assets annually, with revenue run rate of $44 million.
The company said that it is one of the few consumer tech startups in India to have scaled significantly with positive unit economics and profitability at EBIDTA level. The startup has 3,000 employees, and is present in 10 countries as of now.
Masatoshi Matsuo of Genkai Capital said, the future of residential brokerage business will be “data” based rather than “relationship” based, where we feel a little worried about transparency and fairness.
"Square Yards is at the forefront of this tectonic shift and is creating a great system for this innovation to happen," he added.
(Edited by Megha Reddy)