Proptech Square Yards revenue jumps over 2-fold to Rs 271 crore in Apr-Sep; posts Rs 27 crore gross profit

Proptech startup Square Yards, which is mainly into property and home loan brokerage business, has clocked more than two-fold jump to Rs 271.2 crore during the first half of this fiscal year.Its revenue stood at Rs 128 crore in the corresponding period of the previous year.The companys gross profit stood at Rs 26.9 crore in the April-September period of this fiscal as against a gross loss of Rs 10.5 crore in the year-ago period.We saw a significant jump in seasonally loss-making 1H with a positive gross profit of Rs 26 crore from Rs 10 crore loss in 1H last year.

Proptech startup Square Yards, which is mainly into property and home loan brokerage business, has clocked more than two-fold jump to Rs 271.2 crore during the first half of this fiscal year.

Its revenue stood at Rs 128 crore in the corresponding period of the previous year.

The company's gross profit stood at Rs 26.9 crore in the April-September period of this fiscal as against a gross loss of Rs 10.5 crore in the year-ago period.

''We saw a significant jump in seasonally loss-making 1H with a positive gross profit of Rs 26 crore (from Rs 10 crore loss in 1H last year). Segmental EBITDA margins expanded significantly Y-Y (although still negative for 1H).

''We remain confident of achieving Rs 600 crore-plus GAAP revenue target for the year, with positive overall segmental EBITDA for the full year,'' Square Yards founder and CEO Tanuj Shori said.

The Gross Transactional Value (GTV) almost doubled to Rs 9,234 crore during the first six months of this fiscal year from Rs 4,637.1 crore in the year-ago period.

Square Yards is one of the leading integrated platform for real estate and mortgages. Its platform offers an integrated consumer experience and covers the full real estate journey from search and discovery, transactions, home loans, rentals, property management, and post-sales services. It also has operations in the UAE and few other countries.

The company plans to launch its initial public offer (IPO) to raise about Rs 1,500 crore for future growth of the business. In December last year, it had finalised investment bankers for its proposed public issue.

Gurugram-based Square Yards has so far raised USD 125 million, of which USD 60 million as equity and USD 65 million as debt capital.

Some of its major investors include Kae Capital, ADM, Bennett Coleman and Co. Ltd, and Reliance Capital.