India's Square Yards has reported a strong revenue growth of 87% for the first half of the financial year despite the overall sluggishness in the real estate market. The company is on target to achieve $15Mn of revenues by financial year end and also plans to hire 500 people in next year to add to its current employee base of 950 people present in 21 cities and 6 countries.
At a time when some of the online real estate startups have started laying off their employees, Square Yards is looking to hire more people to bolster various functions across the board.
"We are looking to expand our team across functions such as sales, technology, marketing and channel development. Some of these positions will be based in our new upcoming international offices in Australia and Canada. We are looking at people with experience in insurance and FMCG sectors," said Tanuj Shori, Founder & CEO, Square Yards.
Square Yards strong revenue growth has primarily come from NRI markets and its new vertical for channel sales – Square Connect. It aggregates the demand from small brokers and help everyone in the channel earn more commission through higher volume based slabs from the developers. The Square Connect program is witnessing an early success with around 100+ transactions completed during the first month of its launch. So far over 15000+ real estate brokers across 12 different cities have signed up for the Square Connect program and the company is targeting to reach 100,000 brokers by the end of FY16.
While other real estate startups are fighting the marketing wars, Square Yards has been quietly working behind the scenes by focusing on real business metrics - revenues, profitability and market share – building significant traction and scale in just two years of its existence. Founded in late 2013, Square Yards has been able to generate exceptional growth rates in all key business metrics, and recently crossed Rs. 100 crores in revenues with a Gross Transaction Value in excess of USD 450 mn - more than any organized online or offline real estate player in India. The startup has scaled up its presence to 21 cities and 6 countries with an employee strength of more than 900 people.