Square Yards revenue jumps 60% to Rs 225 cr, becomes first proptech to hit $100-mn mark

We have become first proptech player to cross USD 100mn milestone. said Tanuj Shori, Founder and CEO, Square Yards.

Online real estate platform Square Yards reported a 60 percent spike in its second quarter revenue of Rs 225 crore, while its gross transaction value (GTV) surged 77 percent over the last year to Rs 9,169 crore on the back of an 143 percent spike in deal numbers to 40,757, the company said in a statement.

With this, the H1 topline for FY24 now stands at Rs 398 crore ($50 million) and GAAP revenue crossed $100 million on a Trailing Twelve Months (TTM) basis, putting the company firmly on track for Rs 1000 crore+ year as H2 is normally 60 percent of full financial year because of seasonality factor in the real estate space, the Square Yards statement said.

“The continued growth with improvement in economics is testament to ecosystem build up strategy. With this we have become first proptech player to cross $100-million milestone. However, we believe its still Day Zero and with the sector tailwinds, we continue to push the boundaries," said Tanuj Shori, founder and chief executive.

Also read: Square Yards acquires AI based 3D visualization platform PropVR

Square Yards’ search and discovery portal Squareyards.com continued to gain market share with an average traffic at 8 million plus per month with over 50 percent growth in organic traffic.