Square Yards raises USD 10 million from multiple investors; to accelerate expansion into international geographies
Square Yards raises USD 10 million from multiple investors; to accelerate

New Delhi [India], Jan 12 : India's largest online to offline (O2O) real estate player Square Yards on Thursday announced raised of USD 10 million investment in the form of convertible notes from multiple individual investors primarily based outside India.

Combined with the recently announced USD 12 million equity funding from the private equity arm of Anil Ambani led Reliance Group, the new investment takes the total amount of funds raised by the company to approximately USD 33 million since its inception in 2013.

"We wanted to maintain a healthy mix in our balance sheet without diluting too much of equity at this stage of our growth. The new financing would help us accelerate our expansion into newer international geographies and at the same time strengthen our existing distribution network in 10+ countries," said Founder and CEO Square Yards, Tanuj Shori.

"For this latest investment round, we reached out to our own set of real estate clients in International locations through our NRI sales teams. The fact that the majority of these new funds have been invested by our existing clients is a testimony to the trust and confidence they have in us," said founder and COO Square Yards, Kanika Gupta Shori.

The Indian Real Estate tech sector is witnessing significant consolidation activity with some big ticket mergers and acquisitions announced recently.

Square Yards has acquired a leadership position in the transactions space and claims to be twice the size of its nearest competitor that got merged with a classified and listing player.

It currently boasts of net revenue run rate of USD 1.5 million to USD two million per month (annualized ~ USD 25 million) and transaction run rate of ~600-800/month.

The company sources exclusive structured mandates from top Indian and International developers and employs multimodal distribution strategy through its strong network of direct sales in India and NRI markets, channel partners and e-commerce.

It recently crossed USD one billion in Gross Transactional Value (GTV) in terms of total value of properties sold on its platform. It has also focused heavily on overall customer experience resulting in a very healthy 21 percent repeat customers those who have bought multiple properties through Square Yards.

Square Yards also provides specialized real estate allied service expertise through its group companies. Its financial arm, Square Capital brings home loan assistance and mortgage fulfillment capabilities.

The marketing arm, Bling Marketing offers 360-degree marketing solutions to real estate developers. It also plans to venture into comprehensive property management and home furnishing segment in the near future. (ANI)



Check out More news from Telecom Sector :: Pharmaceutical Sector :: Auto Sector :: Infrastructure :: Real Estate