India’s biggest integrated realty platform Square Yards, has officially released its results for Q1 FY22, posting Rs. 100.8 crore in revenues. This indicates growth of 50% (year on year) with positive EBITDA run rate. The GTV (gross transaction value) touched Rs. 2,197 crore, growing by 80% (year on year). A yearly surge of 80% was recorded for property transactions with 3,916 deals witnessed in this period ending in the month of June.
CEO & Founder at Square Yards, Tanuj Shori, stated that the company started the year phenomenally, posting solid metrics on growth along with a better profile in terms of profitability. He added that Square Yards will keep making new investments in scaling up distribution capacity and foundations of new business categories like rentals, home interiors, SaaS and others. He also talked of how the marketplace is witnessing higher traction with 45 lakh+ traffic run rate (monthly) and more than 50,000 active agents.
Square Yards continued its march toward profitability with gross margins of 32% which are in sync with the global marketplace as compared to sub-20% agency margins. Global real estate dominated Q1 growth figures with a jump of 2x, accounting for 44% of revenues. This category saw 200% GTV growth and revenue growth of 130% along with gross margin growth of 43%. The mortgage business did well while new segments like home interiors made a positive beginning, notching up Rs. 11 crore in revenues. Traction was observed in the rentals and enterprise SaaS categories too. Square Yards recently closed a first tranche of Rs. 185 crore in institutional funding from ADM Capital, helping it further build capacity, grow its new division and expand worldwide.
Square Yards has been emphasizing on developing an entire service ecosystem throughout the entire realty value chain, acquiring new capabilities in data intelligence, VR, rentals/property management and other verticals. It has acquired PropVR, Azuro and PropsAMC in the recent past while launching the Interior Company, its dedicated furnishing and interior service recently. This completes the entire real estate journey from search and discovery to transactions, mortgages, rentals, interiors, after-sales services and property management.
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Published Date: Aug 06, 2021
