The global real estate segment led the growth metrics in Q1 with 2x+ jump, contributing 44 per cent to the total revenue.
Square Yards, India’s largest integrated real estate platform today declared its Q1, FY22 results clocking Rs 100.8 crore revenue, up 50 per cent Y-o-Y with positive EBITDA run rate. The Gross Transaction Value (GTV) stood at Rs 2,197 crore, up 80 per cent Y-o-Y. The company also recorded an 80 per cent yearly jump in property transactions with a total of 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 and SaaS. More importantly, the marketplace continues to gain momentum with 45 lakh+ monthly traffic run rate and 50,000+ active agents.”
Square Yards continued its solid profitability profile with 32 per cent gross margins. More importantly Square Yards’ gross margins continue to be in line with global marketplaces (40 per cent+) as against agency margins (sub 20 per cent) highlighting the operating leverage and efficiencies of the platform
The global real estate segment led the growth metrics in Q1 with 2x+ jump, contributing 44 per cent to the total revenue. The segment witnessed a 200 per cent GTV growth, 130 per cent revenue growth and 43 per cent growth in gross margins, highlighting the strong momentum in non-India businesses. The mortgage business rebounded with positive economic activity in India. New business segments like Home Interiors made a strong start touching Rs 11 crore revenue, while Rentals and Enterprise SaaS revenues saw continued traction.
The company recently closed Rs 185 crore as the first tranche of institutional growth capital from ADM capital which will provide a 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 and discovery, transactions, mortgage, home interiors, rentals, property management and post-sales services.
Source: Business World