Square Yards Q1 revenue jumps 50 pc at Rs 100.8 Cr, property transactions up by 80 pc
Gurugram-based integrated real estate startupon Thursday announced its Q1 FY22 results, clocking Rs 100.8 crore revenue, up 50 percent year-on-year with positive EBITDA run rate.
The gross transaction value (GTV) stood at Rs 2,197 crore, up 80 percent year-on-year, the proptech startup said in a statement. It also recorded an 80 percent on-year jump in property transactions at 3,916 deals during the quarter ending June, the statement added.
Tanuj Shori, Founder and CEO, Square Yards said,
”We had a phenomenal start to the year, with very strong growth metrics along with a solid profitability profile. We will continue to make investments in ramping up our distribution capacity and building blocks of new business segments like home interiors, rentals, and SaaS. More importantly, the marketplace continues to gain momentum with over 4.5 million monthly traffic run rate and 50k+ active agents."
Square Yards continued its profitability profile with 32 percent gross margins. The company claims that its gross margins continue to be in line with global marketplaces (40 percent) as against agency margins (sub 20 percent) highlighting the operating leverage and efficiencies of the platform
As per the company, global real estate led the growth metrics in Q1 with 2x+ jump, contributing 44 percent to the total revenue. The segment witnessed a 200 percent GTV growth, 130 percent revenue growth, and 43 percent gross margins, highlighting the strong momentum in non-India businesses, the firm said. Mortgage business rebounded with positive economic activity in India. New business segments like Home Interiors made a start touching Rs 11 crore revenue, while Rentals and Enterprise SaaS revenues saw continued traction.
Square Yards recently closed Rs 185 crore as the first tranche of institutional growth capital from ADM capital, which will provide a significant war chest to help build capacity, inject capital to grow new verticals, and further expand globally.
Square Yards has been building an ecosystem of services across the real estate value chain. It has acquired platform capabilities in rentals/property management, data intelligence, and VR services with the acquisition of Azuro, PropsAMC, and PropVR. Recently, it launched its home furnishing and interior services arm Interior Company, to complete its full-stack real estate journey from search and discovery, transactions, mortgage, home interiors, rentals, property management, and post-sales services.
Edited by Kanishk Singh