Leading proptech firm Square Yards has reported an increase in its revenues by 70% for FY23, touching Rs. 670.5 crore, backed by rising demand for residential properties. The company achieved revenues of Rs. 395.6 crore in 2021-22. The Indian business accounted for 77% of revenues for FY23, while 10% and 13% came from the Gulf region and the rest of the world respectively.
Square Yards has stated that the company enabled properties and home loans valued at Rs. 22,870 crore for the fiscal, indicating growth of 67% from the previous fiscal. The Founder and CEO at Square Yards, Tanuj Shori, stated that the company had a sensational finish to the financial year with strong growth and profitability. He also added that the company’s focus on offering integrated real estate solutions and its investments in capacity expansion should keep driving its operating leverage over the next two years. He also stated that the company is gearing up to target Rs. 1,000+ crore in revenues and full-year profitability for FY24.
Real estate and financial services are the biggest sources of total revenues, accounting for 87% of the same. New segments like property management, home renovations, Metaverse solutions, and fractional real estate also saw robust growth in the year and are on the cusp of transforming into larger business categories throughout FY24. The search and discovery portal kept increasing market share according to Square Yards, garnering 8 million visitors each month. Square Yards has raised $125 million till date, with $60 million and $65 million as equity and debt capital respectively.
For a detailed report on this read the articles we were featured in:
The Hindu Business Line: https://bit.ly/41AiKK2
BQPrime: https://bit.ly/3L8tFnd
Entrackr: https://bit.ly/3NcIxDE
Published Date: April 25, 2023
