Square Yards posts 53% Y-o-Y growth in Q3 FY2024; Revenue surges to Rs 247 crores

New Delhi,4^th Feb, 2024: Square Yards, India’s largest integrated real estate marketplace today announced its Q3, FY24 results clocking Rs 247 Cr revenue, up 53% Y-o-Y. The Gross Transaction Value (GTV) stood at Rs 10,574 Cr, up 85% Y-o-Y. With this, company’s 9M revenue for FY24 now stands at Rs 644 Cr (~USD 80mn).

“With a healthy order book combined with strong financial footing, organizational efficiency and favorable sector tailwinds, we continue to forecast near INR 1000cr (~USD 120mn) revenue for FY24, implying 3-year CAGR of 50%+. With expected Q4 profitability, we expect operating leverage to help us get closer to double-digit EBITDA margins in FY25.,” said Tanuj Shori, Founder and CEO, Square Yards.

The momentum in Q3 FY24 was driven by fintech and real estate services clocking ~90% of the overall revenue. Financial Services registered a 2x growth run rate of ~USD 300mn disbursals/month while real estate services after a muted 1H, picked up 36% Y-o-Y on the back of a strong order book being created at 60%. Digital services also exhibited remarkable progress witnessing a threefold increase. Notably, the growth in Gross Transaction Value (GTV) was spearheaded by the mortgage segment, with transactions doubling in the first nine months and gross margins standing at 14%. The India business emerged as the frontrunner in the overall growth trajectory, boasting an 80% revenue share, closely followed by the GCC region.

Square Yards’ Q3 performance firmly establishes the company on a strong pedestal poised for accelerated, long-term profitable growth and value creation in the upcoming quarter and beyond. The company is currently at a transformational stage wherein its cutting-edge technological solutions are not just shaping the future of real estate but also establishing Square Yards as a pioneering proptech brand.

About Square Yards

Square Yards is India's largest Integrated real estate marketplace, with category leadership presence across multiple touchpoints of consumer home ownership journey. With Urbanisation and rising disposable incomes as the core theme, Square Yards, with 8mn+ monthly traffic and ~USD 3bn+ GTV, is the largest and asset light proxy play to the growing residential demand story of India. One of the few Indian start-ups to taste global success with a presence in 100+ cities across 9 countries, Square Yards is at the forefront of tech adoption in the sector, with multiple patents across VR/AI domains.