Indian online real estate player Square Yards has announced its gross revenue has doubled from Rs 100 crore over a six month period to more than Rs. 200 crore ($US 30 million).
In the last six months, Square Yards achieved an operational break even, launched a broker aggregation platform, significantly enhanced its tech and marketing capabilities and scaled its international presence to countries, the Times of India reports from a news feed.
The size of the company's team has also grown to over 1000 employees.
Square Yards currently estimates around 600 to 700 transactions a month with a value of over Rs. 350 crore each month ($US 52.7 million). The Times of India notes the ability to move such sizeable real estate volumes makes the platform very attractive to top developers in India.
Co-founder and Principle Partner Vivek Agarwal says focusing on the performance of the company's supply chain and business metrics has delivered its success.
He says the company plans to capture a 15 per cent share in primary residential sales in India over the next five years.
"We know first-hand the problem that small and unorganized real estate brokers face and the vast opportunity that lies in aggregating the demand from them," Agarwal says.
He says a significant component of the Square Yards growth strategy will be driven by 'Square Connect', a mobile based aggregation platform with an app launched a couple of months ago to help broker partners earn a greater commissions through higher volume-based deals with developers.
Brokers who have enrolled in the program have seen a 25 per cent jump in their monthly earnings.
The program has been witnessing significant success and has played an instrumental role in the growth of Square Yards. So far over 20,000 real estate brokers across 15 different cities have signed up for the Square Connect program.
Agarwal says Square Yards is expecting to add 200,000 brokers in the next three to five years and undertake further global project marketing hoping to replicate its success in India overseas.
"Square Yards has been very successful in striking structured deals and exclusive tie-ups with real estate developers across the globe," Agarwal says.
"From an end user or a property investor point of view, the two prime factors involved in decision making are the price and quality.
"This focused approach has worked very well for the company and has achieved great results. Structured products now form 60 to 70 per cent of its monthly transactions," he adds.