Square Yards Q1 revenue jumps 50 pc at Rs 101 cr, property transactions up 80 pc
Aug 06, 2021
New Delhi [India], August 6 : Integrated real estate platform Square Yards said on Friday it clocked Rs 101 crore revenue in the April to June quarter 2021-22, up 50 per cent year-on-year with positive EBITDA run rate.
The gross transaction value stood at Rs 2,197 crore, up 80 per cent Y-o-Y. The company also recorded an 80 per cent yearly jump in property transactions with a total of 3,916 deals during the quarter ending June.
Tanuj Shori, Founder and CEO, Square Yards said, the company had a phenomenal start to the year with strong growth metrics along with a solid profitability profile.
"We will continue to make investments in ramping up our distribution capacity and building blocks of new business segments like home interiors, rentals and SaaS. More importantly, the marketplace continues to gain momentum with 4.5 million-plus monthly traffic run rate and 50,000 plus active agents."
Square Yards continued its profitability profile with 32 per cent gross margins. More importantly, its gross margins continue to be in line with global marketplaces (40 per cent plus) as against agency margins (sub 20 per cent), highlighting the operating leverage and efficiencies of the platform.
The global real estate segment led the growth metrics in the first quarter of 2021-22 with over two times jump, contributing 44 per cent to the total revenue. The segment witnessed a 200 per cent GTV growth, 130 per cent revenue growth and 43 per cent growth in gross margins, highlighting the strong momentum in non-India businesses.
The mortgage business rebounded with positive economic activity in India. New business segments like home interiors made a strong start touching Rs 11 crore revenue, while rentals and enterprise SaaS revenues saw continued traction.
The company recently closed Rs 185 crore as the first tranche of institutional growth capital from ADM Capital which will provide a significant war chest to help build capacity, inject capital to grow new verticals and further expand globally.
Square Yards has been building an ecosystem of services across the real estate value chain. It has acquired platform capabilities in rentals/ property management, data intelligence and VR services with the acquisition of Azuro, PropsAMC and PropVR.
Recently, it launched its home furnishing and interior services arm Interior Company to complete its full-stack real estate journey from search and discovery, transactions, mortgage, home interiors, rentals, property management and post-sales services.
