Square Yards Sees Q4 Profitability as Revenues Rise 70% in FY23

The diversified real estate platform company Square Yards has revealed that it saw revenue grow 70% year-on-year for the Indian financial year ended March 31st 2023.

According to an email circulated to journalists, the company saw several operational and financial highlights during the period including:

• Total yearly revenue was up 70% year-on-year at $84 million, beating the company forecast by 11%.
• EBITDA loss for the year stood at just under $10 million with Q4 turning profitable (5% margin).
• Significant revenue growth in Financial Services and Home Renovations businesses.

The company's overall transaction volume increased by 67% in the period, led by its mortgage division while the number of transactions increased by nearly 200% and traffic to the company's search and discovery portal was up 40%.

Company CEO and co-founder Tanuj Shori took to Linkedin to express his delight at the results and his resolve to continue Square Yards' growth saying that the next financial year would be "one hell of a ride".

Square Yards is a diversified PropTech business and real estate marketplace. 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) which is now contributing around a third of the company's revenue (see below).

The company operates in its native Indian market where it competes with the likes of REA India, 99acres and Magic Bricks as well as in the Middle East and further afield in markets with a strong Indian ex-pat community such as Canada and Australia.

Square Yards' real estate services segment saw 40% growth in its domestic market but reported muted growth in its other areas of operation because of a global real estate downturn.