Indian PropTech Square Yards on Track for Profitable Financial Year Following Q2 GTV Growth

October 17, 2023
Share this Post: 

The diversified real estate platform company Square Yards has released the results of its operations for the second quarter of its financial year. Highlights of the Gurugram-based company's activities for the period include:

  • Revenue grew 59% year-on-year to INR 2,250 million ($27 million).
  • Gross Transaction Volume (GTV) grew 77% year-on-year.
  • EBITDA margin improved from -28% (Q2 FY23) to -5%.

Square Yards is a diversified PropTech business and real estate marketplace. For consumers, the company operates a core new homes listings service as well as an existing homes segment (Square Yards), a property management business (azuro), a renovations business (Interior Company) and a fintech offering (Urban Money) which is now contributing around a third of the company's revenue.

The company operates in its native Indian market where it competes with the likes of REA India, 99acres and Magic Bricks as well as in the Middle East and further afield in markets with a strong Indian ex-pat community such as Canada and Australia.

Square Yards' real estate services saw muted growth in the first half of the financial year but the segment is expected to deliver stronger metrics in the second half.

As for the Square Yards portal, the company claims that it is gaining market share with average traffic of around eight million visitors per month.

Despite corporate overheads leading to a negative EBITDA margin for the first half of the year, an email circulated to journalists emphasized that due to the seasonal nature of revenue in the Indian market, the company expects to be profitable at a corporate level for the financial year. The company said it is on track for around 25 per cent Gross margin and an EBITDA margin of between three and four per cent.

October 17, 2023
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Shutterstock 751956331
Activist Investor Starboard Value May Push Newscorp to Sell REA Group and

The U.S. hedge fund Starboard Value may be about to push Newscorp to sell off its two prized real estate...

Read More
Zoopla Rental Listings 1 1
Zoopla Adds "Back To Market" Tag to Listings Returning to Market After Failed Sales

Zoopla has introduced a 'back to market' tag on listings for which a deal has fallen through. The new tag...

Read More
Square Yards New Build
Urban Money Predicts $3Bn+ in Home Loans Sales for FY24

Urban Money, the fintech arm of Square Yards in India, expects to distribute more than $3.6 billion in home loans...

Read More
Shutterstock 2166845243
"The product is simple, which means the pitch was simple" - Interview with PPW Pitch Club Winner Propertizer

You'd be forgiven for not having heard of Propertizer, the proptech with a profitability calculator for every property in the...

Read More

Editor's Pick