Your browser is currently blocking notification.
Please follow this instruction to subscribe:
Notifications are already enabled.

Real Estate Portal Square Yards Raises $10 Mn Funding In Part Debt Part Equity Deal

Real Estate Portal Square Yards Raises $10 Mn Funding In Part Debt Part Equity Deal

Just two months after raising $12 Mn round from Anil Ambani’s Reliance group, Gurugram-based real estate portal Square Yards has received another $10 Mn into its banks. The funding is led by a group of high net worth individuals including global beauty brand L’Occitane CEO Andre Hoffman and the family office of Kanpur-based Lohia Group.

As per reports, the funding is done in a part debt-part equity round, with over 70% of financing in form of convertible notes. With this, the total amount raised by the firm, to date, has reached $33 Mn.

“The challenge for Square Yards is the manpower-intensive nature of real estate brokerage. But I am very impressed by their approach to residential realty brokerage, ” said Amit Lohia, Director at Lohia Group.

Founded in 2013 by Tanuj Shori, Square Yards is a tech-enabled transaction and aggregation platform for global real estate. The company claims to have generated exceptional growth in all key business metrics and currently has a net revenue run rate of $1.5Mn – $2 Mn per month (annualised ~ $25Mn) and transaction rate of ~$600-$800/month.

Square Yards is looking to accelerate its international expansion as well as build a working capital war chest with the raised funds in 2017. “The idea is to have working capital for a 12-15 month period to support our growth rate,” said Tanuj.

As per an earlier official statement, it is targeting double-digit market share in Indian real estate distribution and is planning to expand to 25+ countries on the ground advising on global real estate. Currently, it has over 1100 employees in 22 cities and 10 countries.

Earlier, in 2015, it also raised $11Mn from a clutch of high net worth investors and acquired creative and design studio, Oryden Tech Labs for an undisclosed amount.

Recently, the Lodha Group also launched a $7 Mn fund focussed on startups offering smart city solutions and the overall real estate sector.

Other real estate startups which raised funds recently are NoBroker, Foyr, and Azuro.

[The development was reported by ETtech.]


Meha Agarwal

Inc42 Staff

Meha has engineering and MBA degrees, but she has always been a writer at heart. It was the perfect combination of utilising her research and analytical skills and her enthusiasm for writing that sparked her interest in writing about the Indian startup ecosystem – the latest tech and gadgets and the startups that create them. She is always on the lookout for industry-specific stories in niche areas of interest such as ecommerce, fintech, greentech and more.

Loading Next…

Upcoming Events