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Square Yards Turns Profitable With Rs 220 Crore Revenue

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Square Yards Turns Profitable With Rs 220 Crore Revenue

As Indian startup Square Yards earns Rs 220 crore revenue, the Gurugram-based firm turned profitable for the financial year ending March 31, 2019 (FY19).

Square Yards, a Gurugram-based proptech startup earned a revenue of Rs 220 crore ($32 million) with 11,500 transactions for the financial year ending March 31, 2019 (FY19). It was founded in October 2013 and the startup has 2,800 employees across 20 Indian cities and 10 international locations. Reports state that the startup’s revenue from its real estate business grew by over 50 percent year on year and turned profitable at EBITDA (Earnings before interest, tax, depreciation and amortization) level for the last quarter. Square Yards, with a Gross Transaction Value (GTV) of Rs 5,000 crore ($725 million), is on its way to becoming one of the few startups in India with a GTV of $1 billion.

70 percent of the startup’s overall revenue was driven by its Indian real estate operations. International real estate contributed to 20 percent of the revenue whereas the remaining 10 percent was generated from the mortgage business. The startup has been registered under the RERA in 15 Indian states. Homes built by grade A+ and grade A developers accounted for 75 percent of its total sales volumes. The startup is mainly focussed on the mid-range segment of the Indian real estate market comprising of millennials who are buying their first homes.

The international real estate arm of Square Yards witnessed a growth rate of 107 percent in FY 2018-19, both in terms of GTV and revenue. the startup claims that it is one of the largest off-plan agencies in the UAE market.  Furthermore, the firm’s operations in Australia, Canada, and Hong Kong are indicating a 100 percent growth rate in transaction volumes and revenue. It has also expanded to Kuwait and Bahrain and claims to dominate the NRI sales segment. As far as its mortgage business is concerned, the startup registered 800 monthly transactions and disburses around Rs 300 crore ($45 million) worth of mortgages every month.

Square Yards plans to grow its workforce to over 5,000 people in the next two quarters. 5,000 people would mean double the workforce compared to the earlier number. The firm has ambitious plans to record 100 percent growth in revenue for the new financial year.

Tanuj Shori, Founder and CEO of Square Yards said that they are also investing heavily in new technology to create products for various stakeholders in the industry, especially in Enterprise solutions. He added that some of the products are expected to become pillars of the entire real estate and mortgage value chain.

 

Source: YourStory

ALSO READ: Square Yards Solves Data Asymmetry Issues Of Real Estate Industry

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