Square Yards, a proptech firm headquartered in Gurugram, has achieved a significant milestone by surpassing Rs 1,000 crore in revenue during the fiscal year ending in March 2024. This achievement was revealed through the company's provisional financial statement, as reported by Entrackr.
The company experienced robust growth, with its total revenue in FY24 reaching Rs 1,000 crore, marking a substantial increase from Rs 663 crore in FY23. The majority of this revenue, around 88%, was generated from mortgages and real estate services, while the remaining 12% came from interior and digital products.
Square Yards operates as a comprehensive proptech platform, facilitating the entire consumer journey from property search and discovery to transactions, mortgages, home furnishing, rentals, and property management.
During FY24, the company's Gross Transaction Value (GTV) surged by more than 76% to Rs 40,828 crore, with the number of transactions increasing by 50% compared to the previous fiscal year.
Despite not raising external funds in the past two fiscal years, Square Yards has demonstrated impressive growth. With operations in over 100 cities across nine countries and a network of 150,000 agent partners, the company has positioned itself as a key player in the proptech industry.
Looking ahead, Square Yards aims to close FY25 with revenue of Rs 1,500 crore and double-digit margins. Despite facing competition from players like PropTiger and AnaRock in real estate services, as well as digital platforms such as Magicbricks and 99acres, Square Yards remains optimistic about its future prospects.
Entrackr previously speculated about the possibility of Square Yards achieving full-year profitability, reflecting the company's consistent delivery and success in a buoyant real estate market. As Square Yards gears up for FY25, its resilience in navigating potential market fluctuations remains to be seen.