Square Yards Raises $95M With More to Come as IPO Edges Closer

Square Yards has closed a $95 million capital raise, and it is not done yet. The Indian proptech firm says it expects to bring in a further $50 to $60 million over the next quarter, building a war chest as it readies a long-rumoured stock market debut.

The round, a mix of debt and equity, was anchored by EAAA Alternatives, the Edelweiss-owned manager now preparing its own IPO, with participation from global corporate credit house Muzinich and Co. Square Yards says the deal was struck at an equity valuation well above its previous round.

The timing is telling. The company turned profitable only last year, and FY26 marked a second consecutive year in the black. Revenue rose 48% to roughly $223 million, while EBITDA jumped 3.7 times to about $19 million. Over five years, the top line has compounded at around 53% a year.

Below: Watch our interview with Square Yards Co-founder & CEO, Tanuj Shori

Founded a decade ago, Square Yards has built well beyond search and discovery into transactions, mortgages, interiors and property management. Close to half its revenue now comes from its financing arm, Urban Money, which facilitated more than $9 billion of loan disbursals in FY26 across a network of over 150 banks and NBFCs. The group operates across India, the UAE, Australia and Canada.

Founder and CEO Tanuj Shori said the raise would provide "the strategic firepower to accelerate our market expansion, deepen our technological moats, and continue delivering exceptional value to our customers and stakeholders."

EAAA's thesis, said its CEO Amit Agarwal, "was anchored in backing a profitable market leader operating with significant operating leverage in a highly fragmented market, providing a long runway for future growth."

For all the IPO chatter, Shori has been in no hurry to join India's recent listing frenzy. Speaking on the OMP podcast last year, he said the priority was proving the margin story first, targeting double-digit EBITDA before going public, most likely within 12 to 18 months.