Recently, as part of Proptech Story Series, Founder of RealtyNXT, Kritika Singh Rawat, had an interesting discussion with the Founder and CEO at Square Yards, Tanuj Shori. On being asked about the inception of the company and the thought process that went into it, Shori had a refreshingly insightful and honest answer to share.
He stated that while the real estate sector always had a need gap, the journey of the founders was not akin to other startups where they would talk about the gap in meeting customer needs and so on. The story of Square Yards’ inception was radically different. Most of the founding team comes from solid corporate backgrounds with Tanuj himself being a banker in Hong Kong.
The attraction to the sector was part of the philosophy of the founding team, i.e. they had covered most of the goals they initially had for corporate life and was looking for something more exciting to do, akin to Maslow’s theory of hierarchy. With a major chunk of the co-founders’ personal wealth being invested in real estate and them being part of the startup ecosystem, i.e. meeting new entrepreneurs, research and analysis, scouting for entrepreneurs passionate about what they are doing and so on, real estate turned out to be a natural choice.
While Square Yards has blossomed into India’s foremost proptech and real estate aggregation and transaction platform in just 6 years, Shori stated that the company was born with a rather interesting rider- Let’s see how it goes for 6 months and then we will decide. As he remarked, tongue-in-cheek, 6 months turned into 6 years and he hopes that it will be 60 years and counting! All in all, Indian real estate was an unorganized and severely fragmented market and after analyzing the evolution of the USA and China proptech markets, team Square Yards decided to give it a go here. That’s how a brand was built which achieved 25% of market share in the last 100 days (almost 4 months) post COVID-19.
Watch the full interview here
Published By: RealtyNXT
Published Date: 27 July 2020