Square Yards, one of the biggest integrated real estate platforms in India, takes care of the entire realty-journey right from discovery and search to research, final transactions, loans, property management, rentals and after-sales services. With housing sales volumes having come down by 65% (year-on-year) in India owing to the impact of the COVID-19 pandemic, Square Yards has achieved a record 3,700 real estate transactions with GTV (gross transaction value) of Rs. 2,200 crore for the period between March and June this year. The company has managed to snap up close to 20% of market share in real estate sales countrywide for this duration.
NRIs and global buyers accounted for close to 60% of GTV at the company and almost 50% of all transactions. In terms of transactions, Square Yards controlled close to a whopping 80% of the Gulf-NRI segment. Square Yards has now confirmed its plans for hiring 2,500 employees for beefing up its operations, sales and technology teams throughout the Gulf countries and India alike. 2,000 employees will be hired for its Indian operations with 500 people hired for GCC operations in the second and third quarters of FY2020-21.
Kanika Gupta Shori, Founder & COO, Square Yards
Kanika Gupta Shori, the COO and Founder at Square Yards, has stated that the company wishes to recruit true hustlers for achieving its next levels of growth, while opining that fresh graduates are great fits for the brand’s dynamic environment and culture. Shori feels that new graduates are fresh and hungry to learn, grow and seek better opportunities. As a result, she emphasized on the philosophy of building people who build businesses in turn. The company has also declared annual appraisals for all its employees which have boosted overall morale tremendously. ESOPs (employee stock options) are used by the company for sharing wealth throughout hierarchies with 40% of employees currently being holders. Rs. 7 crore worth of incentives have also been distributed in the last quarter itself.
Shori also emphasized upon the inclusive and equal working culture of the company along with the fact that a majority of the workforce continues to operate from home even now. There is a COVID-19 insurance policy being provided by the company for its employees as well in addition to existing healthcare related benefits. On an EBITDA basis, Square Yards has attained profitability over the last 3 quarters, being one of the rare consumer-technology startups in the country to do so with exponential growth and internal cash flow-sustained operations.
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Published Date: 27 July 2020