Square Yards Claims 55% Revenue Growth in Q3 as It Looks to Monetize the Metaverse

The diversified marketplace company Square Yards claims to have increased revenue by 55% year-on-year for the third quarter and by 83% year-on-year for the first nine months of the Indian financial calendar.

The milestone comes after a second quarter during which the company posted a record GTV of INR 51,858 million ($626 million) and revenue of INR 1,417 ($17 million).

The company said it was on track to meet or slightly exceed its revenue forecast for the financial year of INR 600 cr ($73 million) at a positive EBITDA margin.

Square Yards is a diversified PropTech business and real estate marketplace. For consumers, the company already 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 (see below).

The company operates in its native Indian market as well as in the Middle East and further afield in markets with a strong Indian ex-pat community such as Canada and Australia.

Source: Square Yards

Square Yards has consistently diversified its business and looked to add complimentary revenue streams on top of its core marketplace business. The company's latest venture has seen it monetize its metaverse platform for developers launched in August 2022.

In an email, co-founder and CEO Tanuj Shori said of his company's broadening business:

"The ecosystem synergy play continued to strengthen with strong growth across Mortgage, Home renovations and Digital services. More importantly, Metaverse capabilities have started to monetize with large contract wins in Dubai, Canada and Neom."