Indian Market Recovery Fuels Bumper Quarter for Square Yards as Revenue Grows 142%

The end-to-end diversified real estate marketplace company Square Yards has released its results for the second quarter of the Indian financial year. Highlights of the Gurgaon-based company's operations for the three months ended September 30th include:

• Revenue up 142% year-on-year to INR 1,417 million ($17.1 million)
• GTV up 116% year-on-year to INR 51,858 million ($626 million)
• Gross profit increase of 128% year-on-year to INR 36 million ($435k)

Square Yards' mortgage (~300% growth in HY1) and home renovation businesses led the growth charts with the new homes marketplace also benefitting from the rebound in the sector. The company expects to hit segmental EBITDA break even for the year on the back of expected revenues of INR 600+ crore ($72.5 million).

A press release circulated to journalists also pointed out the growth in traffic on the company's portal to 6 million monthly users as well as the granting of an important patent and the expansion into Dubai for the PropVR business.

Founded in 2014 by Kanika Gupta and Tanuj Shori, Square Yards has grown to become one of India's most important and diverse real estate businesses.

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).

On the B2B side, Square Yards operates a listing-tech play (PropVR acquired in March 2021), a data-intelligence and asset management platform (PropsAMC acquired in February 2021) and an agent network application (Square Connect).

Square Yards operates in India, a market which accounted for 76% of revenues in Q2, as well as targeting Indian ex-pats in the middle east (9% of revenues), Australia and Canada.