Square Yards Q1 revenue jumps 50% at Rs 100.8 Cr
Square Yards, one of India’s largest integrated real estate platform on 5th August declared its Q1, FY22 results, clocking Rs 100.8Cr revenue, up 50% Y-o-Y with positive EBITDA run rate. The Gross Transaction Value (GTV) stood at Rs 2197 Crs, up 80% Y-o-Y. The company also recorded an 80% on year jump in property transactions at 3,916 deals during the quarter ending June.
Tanuj Shori, Founder and CEO, Square Yards said, ”We had a phenomenal start to the year, with very 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 & SaaS. More importantly, the marketplace continues to gain momentum with 4.5mn+ monthly traffic run rate and 50k+ active agents.”
Square Yards continued its solid profitability profile with 32% gross margins. More importantly Square Yards’ gross margins continue to be in line with global marketplaces (40%+) as against agency margins (sub 20%) highlighting the operating leverage and efficiencies of the platform
Global real estate led the growth metrics in Q1 with 2x+ jump, contributing 44% to the total revenue. The segment witnessed a 200% GTV growth, 130% revenue growth and 43% gross margins, highlighting the strong momentum in non-India businesses. Mortgage business rebounded with positive economic activity in India. New business segments like Home Interiors made a strong start touching Rs 11Cr revenue, while Rentals and Enterprise SaaS revenues saw continued traction.
The company recently closed Rs185Cr as the first tranche of institutional growth capital from ADM capital which will provide 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 & discovery, transactions, mortgage, home interiors, rentals, property management and post-sales services.