According to Tanuj Shori, Founder and CEO, Square Yards, he wanted to maintain a healthy mix in their balance sheet without diluting too much of equity at this stage of growth. The notes are issued for a fixed term at a pre-determined coupon rate and with an option to convert into equity (at a discount) on reaching the next funding milestone.
Complete coverage are as follows:
http://www.business-standard.com/article/news-ani/square-yards-raises-usd-10-million-from-multiple-investors-to-accelerate-expansion-into-international-geographies-117011200357_1.html
https://yourstory.com/2017/01/square-yards-funding-2/
https://www.nextbigwhat.com/story/real-estate-advisory-startup-square-yards-raises-10m-in-funding/
http://www.moneycontrol.com/news/sme/square-yards-raises-additional-3610-millioninvestors_8262561.html
