Square Yards Seeing Transactions Boom as Indian Housing Market as Indian Market Recovers

The Indian end-to-end real estate marketplace company Square Yards has claimed that it has seen a 50% rise in revenue, a 93% rise in Gross Transaction Volume (GTV) and a 223% in transactions on its platform across the first 9 months of the Indian financial year 2022.

Square Yards operates its main Indian real estate portal as well as portals targeting Indian ex-pats in The UAE, Middle East, Australia and Canada. The company has also made several acquisitions over the last few years that have allowed it to diversify its offerings into property management, data intelligence and VR services among other services.

A company press release circulated to journalists today was keen to highlight the contribution of its fintech offering which represented 17% of revenues generated over the 9 month period, up from 7% in the corresponding period of FY21.

As for profitability, the company was EBITDA positive in FY21 but in FY22 the company "is coming on the back of a significant investment cycle on capacity, branding and new businesses. While this has impacted FY22 profitability, we believe we will see the leverage of capacity addition over the next couple of years. Having said that, core businesses remain green with 12% GM, and near EBITDA breakeven", according to CEO, Tanuj Shori.

Although not publicly traded, Square Yards has consistently released select results to journalists on a quarterly basis for some years.

In January several Indian news outlets quoted “a person with knowledge of the matter” saying that the Gurgaon based company has already gone as far as contracting the services of a bank for an upcoming IPO said to be worth around $200 million. Shori declined to comment on the speculation when contacted by Online Marketplaces.