Square Yards Q2 Revenue Jumps 60% to Rs 225 Crore, Check Details

Square Yards, an integrated real estate platform, on Wednesday reported a 60 per cent year-on-year (YoY) jump in its revenue to Rs 225 crore for the second quarter ended September 2023 (Q2 FY24). Its gross transaction value (GTV) stood at Rs 9,169 crore, up 77 per cent y-o-y, while the number of transactions grew 143 per cent to 40,757.

With this, 1H revenue for FY24 now stands at Rs 398 crore and GAAP revenue crossed $100 million on a trailing twelve months (TTM) basis putting the company firmly on track for over Rs 1,000 crore year as 2H is normally 60 per cent of full financial year because of seasonality factor in real estate, Square Yards said in a statement.

Tanuj Shori, founder and CEO of Square Yards, said, “The continued growth with improvement in economics is testament to ecosystem build-up strategy. With this, we have become first proptech player to cross $100 million milestone. However, we believe it is still day 0 and with the sector tailwinds, we continue to push the boundaries.”

Financial Services with a run rate $300 million loan disbursals/ month continued to drive growth metrics for Square Yards. Real estate services’ orderbook has grown significantly in Q2 which gives a strong visibility on revenue pick up in the latter half of the year.

B2B segment, digital products and services is on track for a 3x growth YoY backed by few solid wins in the Middle East. The property management platform, Azuro is now managing $400 million AUM with over 2,000 properties under management.

Square Yards’ search and discovery portal squareyards.com continued to gain market share with average traffic at ~8mn+ visitors/month with 50%+ growth in organic traffic.

This all-round performance in Q2 positions Square Yards well on its journey to continued success and growth in the second half of the year and beyond. With a solid foundation and a commitment to resilience, the integrated proptech player is primed to redefine industry benchmarks while solidifying its position as an undisputed leader in its segment.