Square Yards, one of India’s foremost property brokerage firms, supported by Anil Ambani spearheaded Reliance Group, has posted impressive results for Q2 FY2019-20, achieving revenue growth of 56%. The company has achieved Rs. 75.5 crore in revenues as compared to the year-ago period when it scaled up to Rs. 48.3 crore. In September this year, the company raised a sum of approximately Rs. 175 crore or $25 million via preferential issue of equity shares for its investors which includes the Times Group.
CEO Tanuj Shori has stated that the company continues to perform strongly amidst a weaker industry environment, posting segmental growth of 67% and the highest brokerage margins in its journey so far. 73% of revenues came from Indian real estate while global business accounted for 20%. The remaining 7% was accrued from the mortgage division. GTV (gross transactions value) increased to Rs. 1,470.3 crore in July-September, 2019, indicating growth of 30%.
The company’s $25 million funding round was led by BCCL and several top names from capital markets and other sectors took part in the same according to Shori. The company will deploy these funds across technology, brand campaigning and overall growth. It has raised $50 million till date and more than $25 million in debt financing ever since it started operations in the year 2014. The private equity division of the Reliance Group had invested $12 million in the company back in November, 2016. Square Yards posted Rs. 220 crore in revenues for FY2019-20 and presently has more than 2,000 employees.
Published by: TOI, HT, Business Insider & Inc 42
Date: 19 November 2019
