Proptech unicorn Square Yards has engaged bankers to raise $200-300 million through an initial public offering (IPO) over the next financial year, targeting a valuation of $2 billion for its planned public listing. According to Mint, the company is in discussions with Axis Capital, JP Morgan, and BofA Securities to help with the listing, which will likely feature a mix of fresh equity and an offer for sale by current investors. The development comes after the integrated real estate and mortgage platform concluded a ₹900 crore ($95 million) fundraise at a $1 billion valuation, with the capital being a mix of debt and equity anchored by EAAA Alternatives and participation from global corporate credit manager Muzinich & Co.
During the last fiscal year, Square Yards reported strong financial results with revenue of ₹2,086 crore, representing a 48% year-on-year growth. As reported by Business Standard, the company's EBITDA jumped 3.7 times to ₹176 crore during the same period. The company offers integrated real estate services including property search, transactions, home loans, interiors, and property management, positioning it as a comprehensive platform in the real estate sector. Square Yards describes itself as having a profitable, scalable, and fully integrated platform that provides exceptional value to customers and stakeholders. The company has demonstrated consistent growth with a five-year compound annual growth rate (CAGR) of approximately 53% in terms of revenue.
According to Business Standard, Square Yards operates a portfolio of complementary consumer brands across the real estate value chain, including Urban Money, a fintech loan aggregator that facilitated loan disbursals of ₹87,831 crore in FY26 through a network of agents and partnerships with more than 150 banks and non-banking financial companies (NBFCs). The company also operates Azuro, a rentals and property management service, and Interior Company, its wholly owned home interiors and modular furnishing subsidiary. Additionally, Square Yards 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. With an operational footprint spanning India, the UAE, Australia and Canada, the company is preparing for an Initial Public Offering (IPO) and expects this capital raise to provide strategic firepower for accelerating market expansion and deepening technological capabilities.
According to Business Standard, Square Yards Founder & CEO Tanuj Shori stated that this capital raise from esteemed institutional partners is a profound validation of their resilient business model and relentless pursuit of revolutionizing the real estate ecosystem. The company is preparing for an Initial Public Offering (IPO) and expects this capital raise to provide strategic firepower for accelerating market expansion, deepening technological moats, and continuing to deliver exceptional value to customers and stakeholders. Amit Agarwal, CEO of EAAA Alternatives, emphasized that their investment thesis was anchored in backing a profitable market leader operating with significant operating leverage in a highly fragmented market, providing a long runway for future growth. The latest capital infusion will help fortify the company's balance sheet while enabling further expansion and strengthening technological infrastructure as it prepares aggressively for its upcoming IPO. Since its inception, the company has raised over $160 million from several investors including Smilegate, Times Group, ADM Capital, Kae Capital and Reliance Venture Asset Management, according to Tracxn data.
