Wednesday, July 24, 2024

Square Yards Q2 Revenue jumps 60% to Rs 225 Cr; Last 12 Months Revenue crosses USD 100mn milestone

Square Yards, India’s largest integrated real estate platform today announced its Q2, FY24 results clocking Rs 225 Cr revenue, up 60% Y-o-Y. The Gross Transaction Value (GTV) stood at Rs 9169 Cr, up 77% Y-o-Y, while number of transactions grew 143% to 40,757.

With this, 1H revenue for FY24 now stands at Rs 398 Cr (~USD50mn) and GAAP revenue crossed USD100mn on a Trailing Twelve Months (TTM) basis putting the company firmly on track for Rs 1000 Cr+ year as 2H is normally 60% of full financial year because of seasonality factor in Real estate.

“The continued growth with improvement in economics is testament to ecosystem build up strategy. With this we have become first proptech player to cross USD 100mn milestone. However we believe its still day 0 and with the sector tailwinds, we continue to push the boundaries” said Tanuj Shori, Founder and CEO, Square Yards.

Financial Services with a run rate ~USD300mn loan disbursals/month continued to drive growth metrics for Square Yards. Real estate services’ orderbook has grown significantly in Q2 which gives a strong visibility on revenue pick up in the latter half of the year. B2B segment, Digital products and services is on track for a 3x growth YoY backed by few solid wins in the Middle East. The property management platform, Azuro is now managing USD 400mn AUM with over 2,000 properties under management.

Square Yards’ search and discovery portal continued to gain market share with average traffic at ~8mn+ visitors/month with 50%+ growth in organic traffic.

This all-round performance in Q2 positions Square Yards well on its journey to continued success and growth in the second half of the year and beyond. With a solid foundation and a commitment to resilience, the integrated proptech player is primed to redefine industry benchmarks while solidifying its position as an undisputed leader in its segment.

About Square Yards

Square Yards is India’s largest Integrated real estate platform, with category leadership presence across multiple touchpoints of consumer home ownership journey. With Urbanisation and rising disposable incomes as the core theme, Square Yards, with 8mn+ monthly traffic and ~USD 3bn+ GTV, is the largest and asset light proxy play to the growing residential demand story of India. One of the few Indian start-ups to taste global success with presence in 100+ cities across 9 countries, Square Yards is at the forefront of tech adoption in the sector, with multiple patents across VR/AI domains.

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