India’s foremost property brokerage brand, Square Yards reported over 4,300 property transactions with revenues worth Rs 83.6 crore for the quarter ended March despite the economic uncertainty and subsequent lockdown.
The company’s collection jumped 47% from a year ago to ₹ 227.5 Crore, which is reported to be phenomenal and second consecutive profitable quarterly performance in January-March driving 36% jump in annual revenue at Rs 298 crore.
Square Yards’ revenue for the month of March witnessed a 10% surge over the last month. During the financial year the company’s performance has been laudable, as it successfully clocked ₹ 6,000 crore worth of gross transaction value with over 15,500 transactions. The company’s collections jumped 47% from a year ago to Rs 227.5 crore making it the third most profitable quarter out of the last five.
For this year, largest five developers formed 33% share of its overall volume during this period. Among key regions, Noida, Pune, Mumbai, Dubai and Gurgaon emerged as the largest contributors; while top 3 cities contributed 42% share of overall volumes.
The company is planning to upgrade the distribution capacity for the primary Real Estate in addition to creating the tech and physical infrastructure in ancillary segments such as rentals, property management and Enterprise SaaS.
Also read: Square Yards’s Edge all set to empower digital real estate sales
We were tech ready and utilized the market conditions to push forward our digital solutions for the sector along with structured products with the leading developers across India. We further continue to maintain our FY21 supervision for over 80% growth, averred Tanuj Shori, Founder and CEO, Square Yards.
In September, Square Yards (founded by tanuj shori) raised $20 million in equity from a clutch of investors that include Genkai Capital ,Times group, founders of Southeast Asian online realtor PropertyGuru – Steve Melhuish and Jani Rautiainen and Koh Boo.
During these tough times when many developers and brokers are reeling under the pressure to sell their inventory, Square Yards steadily emerged as a dominant player due to its strong technology and rigorous team of Property Experts.
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Published Date: 22 April 2020
