Square Yards Reports 40% Growth in Operating Revenue

Square Yards has marked a significant milestone with a remarkable growth of over 40% in its operating revenue, surpassing the Rs 1,400 crore mark in the fiscal year ending March 2025. This growth is highlighted by a substantial 52% increase in gross profit, reaching Rs 316 crore in FY25, as detailed in its provisional financial statement reviewed by Startup Superb.

Revenue Growth Details

The Gurugram-based proptech company experienced approximately 41% growth in operating revenue for FY25, rising to Rs 1,410 crore from Rs 1,001 crore in FY24. The majority of the income, around 90%, stemmed from mortgages and real estate services, while the remaining portion contributed from interior and digital products.

Comprehensive Real Estate Services

Square Yards is an all-encompassing proptech platform offering a variety of real estate services. This includes property discovery, buying and selling, mortgage assistance, home furnishing, rentals, and property management. The platform operates in more than 100 cities across nine countries, boasting a network of 150,000 agent partners according to provisional documents.

Transaction Growth

In FY25, the company’s Gross Transaction Value (GTV) ascended over 44% to reach Rs 59,093 crore, up from Rs 40,828 crore in FY24. Additionally, the number of transactions rose to 1.86 lakh during the reported period, as indicated in the firm’s documents.

Expense Overview

Examining the company’s financials, employee benefits emerged as the largest expense, constituting 38% of total expenses. In FY25, this cost saw a 15% increase, escalating from Rs 535 crore in FY24 to Rs 618 crore. Below is the detailed expense breakdown:

Profit Margins

Square Yards witnessed a 52% rise in gross profit, climbing to Rs 316 crore from Rs 208 crore in FY24, achieving a gross margin of 22% as per the documents. The firm reported a positive EBITDA of Rs 46 crore in FY25.

Positive Cash Flow and Future Projections

The company disclosed that it has maintained a positive operating cash flow for the last fiscal year, achieving a compound annual growth rate (CAGR) of 51% over the past four years. Looking ahead, it anticipates a revenue target of Rs 2,000 crore (approximately $240 million) for FY26.

Funding and Investor Insights

Square Yards has successfully raised a total of $96.5 million in funding to date, with Reliance Group as its key investor, holding an 11% stake in the company. Additionally, the co-founder and COO, Kanika Shori, retains a 15% ownership stake.

Competitive Landscape

The firm faces competition primarily from PropTiger and AnaRock in the arena of real estate services. Its digital offerings compete with platforms such as Magicbricks, 99acres, Housing, and NoBroker. Furthermore, its mortgage division, ‘Urban Money’, is in competition with Andromeda and Paisabazaar.