Square Yards, one of India’s leading proptech platforms, has not only turned its financials around with a landmark quarter but is also gearing up to enter the public markets—potentially setting the tone for the next wave of real estate tech IPOs in the country.
Revenue Soars, Profitability Achieved
For the quarter ending June 2025, Square Yards reported a robust 45% year-on-year jump in revenue, climbing to ₹378 crore from ₹260 crore a year ago. What’s more, the company swung to profitability at the EBITDA level for the first time, with EBITDA at ₹4.4 crore versus a loss of ₹33.7 crore in the same quarter last year. Gross profit nearly tripled to ₹70 crore, and margins doubled to 18%, highlighting a dramatic operational turnaround.
Diverse Growth Engines
Square Yards, headquartered in Gurugram, delivers end-to-end real estate solutions—property discovery, buying and selling, mortgaging, rentals, interiors, and management—in over 100 cities and nine countries. This quarter, growth was broad-based:
- Financial services revenue surged by 60% year-on-year.
- Real estate services climbed 36%.
- Home renovations grew 21%.
- Digital products were the only segment to witness a decline.
The company also facilitated 55,771 transactions worth ₹18,480 crore in gross transaction value (GTV).
India Drives the Numbers
India continues to be Square Yards’ powerhouse, contributing ₹340 crore in revenue during the quarter—a 57% year-on-year increase. The platform’s ambitious plans include expanding these local operations while deepening its global reach (25%+ revenue comes from markets like the Middle East, Australia, and Canada). Square Yards crosses Rs 1,400 Cr revenue in FY25, gross profit surge 52%
IPO Plans Heating Up
After several reports, it’s now official: Square Yards is preparing to file its Draft Red Herring Prospectus (DRHP) for a ₹2,000 crore IPO between December 2025 and March 2026. The offering will combine a fresh issue and an offer for sale (OFS), targeting a post-IPO valuation of $1.5–2 billion. Early investors such as Reliance Group (holding around 8%) and others are expected to use this event for partial exits, while founders Tanuj and Kanika Shori aim to retain a majority stake post-listing.
Check out: Reliance Industries Is Planning For A $6 Bn IPO Of Jio
Funding Trail & Investors
Square Yards last raised primary funding in 2019, when it was valued at about $300 million. Over its journey, it has secured $200 million from investors like Reliance Group, BCCL, ADM Capital, Genkai Capital, and more. The IPO will mark the first big liquidity moment for these long-time backers.
Competitor Moves
Square Yards isn’t alone in chasing the public market dream:
- NoBroker, another top proptech, has been eyeing an IPO since 2024, after achieving unicorn status and aggressively expanding its rental and brokerage-free model.
- Housing.com and PropTiger (under REA India) have seen internal restructuring and funding rounds but aren’t yet confirmed for an IPO.
- International comparisons include Zillow and Redfin in the US, but the Indian landscape is still warming up to PE/VC-backed proptech IPOs.
Why Square Yards’ Profit Milestone Matters
Square Yards’ first-ever EBITDA-positive quarter signals a broader shift in Indian proptech: “growth at any cost” is now giving way to sustainable, profitable expansion. With deep integration across home buying, financing, and post-sale services, Square Yards aims to set itself apart in a fiercely competitive space. As Tanuj Shori, Founder & CEO, said, “this quarter reflects the strength of our operating model”.
The upcoming IPO may not only provide exit opportunities for early backers but also serve as a bellwether for institutional interest in India’s real estate tech play. Watch this space, as the Square Yards listing could well open the doors for more proptech and allied startups on D-Street.
Check out: BharatPe is eyeing a pre-IPO funding round, while an IPO is not planned for now, says CEO
