Exclusive: Square Yards To File DRHP For INR 2,000 Cr IPO By March 2026

Delhi NCR-based proptech startup Square Yards has set the ball rolling for its public listing. It plans to file its DRHP for INR 2,000 Cr ($233 Mn) IPO in the ongoing financial year between December 2025 and March 2026, sources told Inc42. 

The startup is eyeing a unicorn valuation for its public issue, which will comprise a fresh issue of shares and OFS of equal sizes, the sources added.

The startup is currently finalising investment bankers for its IPO. It is yet to decide if it will file the draft papers via the confidential filing route or the regular route, the sources said.

A questionnaire sent to Square Yards on its IPO plans and its financials didn’t elicit any response till the time of publishing this story.

Post the IPO, Square Yards will be among a handful of Indian startups where founders will continue to hold more than 50% stake, as per the sources.

Square Yards was founded in 2014 by husband-wife duo Tanuj Shori and Kanika Gupta Shori. 

It operates across the entire real estate lifecycle, ranging from searching a property and financing to home interiors and property management. Besides India, Square Yards also has a presence in overseas markets and claims to generate over 25% of its revenue from the Middle East, Australia, and Canada.

Square Yards reported an operating revenue of INR 1,400 Cr in FY25, while its gross profit stood at INR 316 Cr. It is eyeing a revenue of INR 2,000 Cr in FY26, with an EBITDA of INR 200 Cr, the sources said.

In FY24, Square Yards reported an operating revenue of INR 1,000 Cr.

The startup last raised equity funding in 2019 from Bennett Coleman & Co Ltd (BCCL), Genkai Capital, among others, at a valuation of around $300 Mn. Overall, it has raised more than $200 Mn in funding to date and counts Reliance Group and ADM Capital among its backers. 

The startup competes with the likes of NoBroker, MagicBricks, 99 Acres, and Livspace.