Square Yards, India’s foremost property brokerage brand, supported by the Times Group and Reliance Group led by Anil Ambani, has posted revenue growth of 50% for Q3 FY19-20, posting revenues of Rs. 79.6 crore. In the same period for the last fiscal, Square Yards achieved revenues of Rs. 52.9 crore.
GTV (Gross Transactions Value) increased by approximately 33% to touch Rs. 1,591.2 crore in the period between October and December, 2019. In this period, real estate operations in India accounted for 65% of overall revenues while international business accounted for 24% of revenues. Around 11% of revenues came from the company’s mortgage division.
Square Yards has already acquired Azuro, the rental platform based in Mumbai, as part of its expansion blueprint sometime earlier. In September last year, Square Yards raised a sum of around $25 million or roughly Rs. 175 crore via preferential issue of equity shares to investors which include the Times Group. The company has raised approximately $50 million in equity and more than $25 million in debt financing ever since it was founded in the year 2014.
Anil Ambani spearheaded Reliance Group’s private equity division invested a sum of $12 million in Square Yards back in November 2016. The Gurugram based company achieved revenues of Rs. 220 crore for FY2018-19.
Published Date: 17 February 2020
