Square Yards raises $20 million equity capital from Times Group, others

Property brokerage firm Square Yards, which is backed by Anil Ambani led-Reliance Group, on September 19 said it has raised USD 20 million (around Rs 142.49 crore) through preferential issue of equity shares to investors including Times Group.

Square Yards said it has raised equity capital from a clutch of investors including Times Group, Genkai Capital, Founders of PropertyGuru -- Steve Melhuish and Jani Rautiainen; Koh Boon Hwee ex-Chairman Singtel and DBS.

Some of the existing investors also participated in this round, Square Yards said in a statement.

The property brokerage firm will utilise the amount to strengthen its technology infrastructure, building consumer brand, as well as expand to newer geographies in emerging countries.

Square Yards has so far raised USD 50 million in equity and over USD 25 million in debt financing since inception in 2014.

Anil Ambani-led Reliance group's private equity arm had invested USD 12 million in Square Yards in November 2016.

The Gurugram-based company had clocked revenue of Rs 220 crore in the 2018-19 financial year.

In the first quarter of this fiscal year, it has posted a revenue of nearly Rs 60 crore.

Indian real estate operations contributed 64 percent to the overall revenue while 25 percent came from international business and rest 11 percent from mortgage business, the company said.

Square Yards CEO Tanuj Shori said: "Having Times Group as one of our strategic investors will help us establish our brand as the first port of call for the real estate related needs of every Indian household."

Sam Subramaniam - The Times of India Group said that being a shareholder it will support Square Yards to grow and succeed.

Masatoshi Matsuo - Genkai Capital said, "future of residential brokerage business will be 'Data' based rather than 'Relationship' based where we feel a little worried about transparency and fairness. Square Yards is at the forefront of this tectonic shift and is creating a great system for this innovation to happen."

Square Yards has presence in 10 countries and has a employee strength of 3,000.