Delhi-based proptech startup Square Yards, which is expected to file its listing documents with capital markets regulator soon, has topped the $100-million (Rs 834 crore) revenue mark in the fiscal ended March 2024, the company said in a statement.
The proptech firm, helmed by Tanuj Shori, clocked about Rs 1,004 crore in revenue (over $120 million), over 50% year-on-year rise from Rs 663 last year. The India business contributed about 80% to its overall topline, while real estate and financial services contributing 88% to the total revenues.
It’s gross profit during the given period was around Rs 217 crore or $26 million, up about 78% year-on-year.
“FY24 was the year of ‘more of the same' and we believe, with sub 2% market share across all segments, the focus will continue on consolidating market share in the markets/segments we are present," said Shori, the chief executive of Square Yards.
The startup, an integrated platform for real estate and mortgages, also said that it achieved EBITDA (earnings before interest, tax, depreciation, amortization) level profitability during the fiscal year.
It’s gross profit margins touched 34%, while its EBITDA margin stood at 18% during the last fiscal.
“We are coming on the back of a significant investment phase across the new businesses as well as capacity addition in core businesses. The Q4 (and H2) margin profile gives significant credence to our oft-repeated "operating leverage led steady state margin targets" once the investment cycle is over,” said Shori.
For the current fiscal, the firm expects to clock a revenue of Rs 1,500 crore.
The firm, last March, raised about Rs 112 crore from high-net-worth investors for the purchase of a 1 lakh square feet office space in Hyderabad. Apart from India, the firm has operations in nine countries including the UAE, Canada and Australia.
