New Delhi, June 23 -- Real estate marketplace Square Yards, which counts venture capital firm Kae Capital and media conglomerate the Times Group among others as its investors, has raised $95 million (Rs 900 crore) in a fresh funding round led by EAAA India Alternatives Ltd.
The round involved a mix of equity and debt components, and likely values the Gurugram-based company above $1 billion, VCCircle has gathered. The debt component was anchored by global corporate credit manager Muzinich & Co.
The funding comes as Square Yards gears for another capital raise before it heads to public markets in the current financial year. The company is in talks to raise $50-60 million more over the next quarter at a valuation of $1.6 billion, according to a person familiar with the matter.
Square Yards, however, declined to disclose its valuation in the current round. The company said that the latest round was completed at an equity valuation significantly higher than its previous round.
In November last year, it had secured $35 million in equity from South Korea-headquartered venture capital firm Smile Gate Group. At the time, VCCircle reported that the company was valued at about $900 million pre-money, which would place its post-money valuation a tad short of the unicorn club.
"We have spent the last few years building a highly profitable, scalable, and fully integrated platform. As we gear up for our upcoming IPO, this capital raise will provide us with the strategic firepower to accelerate our market expansion, deepen our technological moats, and continue delivering exceptional value to our customers and stakeholders," said Tanuj Shori, founder and chief executive of Square Yards.
The real estate firm closed its last financial year with about 48% jump in its revenue to Rs 2,050 crore. The group posted a gross profit of Rs 316 crore, rising 52% year on year.
Its fintech arm Urban Money has been a major growth and revenue driver, contributing nearly Rs 1,100 crore of revenue during the fiscal year, VCCircle reported in April. Co-founder Vivek Agarwal said at the time the loan-distribution vertical has been expanding rapidly, with its contribution to the topline growing "slightly around 100% year on year" driven by expansion across product categories and geographies.
Square Yards has built an integrated platform that brings together real-estate transactions and mortgage distribution under a single ecosystem. The platform allows customers to move seamlessly from property discovery to financing. As part of this, its fintech arm Urban Money acts as the core credit platform, which facilitates loans across categories for both in-house buyers and external customers.
The broader platform, including Square Yards and Urban Money, is supported by around 7,000 employees and nearly 30,000 active agents, alongside a wide network of lending partners. About 80% of partnerships are with banks, while the remaining 20% is with NBFCs who contribute more to unsecured lending.
It also operates Azuro, which is a rentals and property management services, and Interior Company, its fully owned home interiors and modular furnishing subsidiary. The group also runs technology-led B2B platforms, including a data intelligence platform for property valuation and title search, and PropVR, an AI-powered tool for immersive 3D, virtual, and augmented reality property experiences.
Strategically, the company is positioning itself at the intersection of proptech and fintech.
Square Yards had highlighted three priorities for the current financial year: increasing market share with top real estate developers and leading banks; accelerating digital adoption, with a strong push on AI-led transformation across customer journeys, and attracting high-quality graduates and building stronger sales leadership pipelines
It said it also plans to expand Urban Money into adjacent financial services including wealth management and insurance distribution.
Published by HT Digital Content Services with permission from VC Circle.