Square Yards Sees Revenue Grow 53% in Q3 as Transactions Pick Up

February 2, 2024
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The diversified real estate platform company Square Yards has released the results of its operations for the third quarter of its financial year. Highlights of the Gurugram-based company's activities for the period include:

  • Revenue was up 53% year-on-year at INR 2,472 Mn.
  • Gross transaction volume (GTV) was up 85% year-on-year.
  • EBITDA loss improved from INR 330 Mn in Q3 2023 to INR 140 Mn.

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).

The company's financial services segment contributed a record 47% of total company revenue while real estate services contributed 41% in Q3. Square Yards generates around 80% of its revenue in its home market of India but also operates in the Middle East and further afield in markets with a strong Indian ex-pat community such as Canada and Australia.

Company CEO Tanuj Shori indicated that the company is forecasting around INR 1,000 crore ($120 million) in revenue for FY24 with a profitable fourth quarter.

February 2, 2024
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

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