Square Yards has appointed Axis Capital, JP Morgan, and BofA Securities to manage its upcoming initial public offering
The proptech firm is targeting a valuation of approximately $2 billion for the public listing, which will combine fresh equity and an offer for sale
Founders Tanuj Shori and Kanika Gupta Shori plan to launch the public issue in the next financial year
Square Yards Taps Bankers for $300 Mn IPO at $2 Bn Valuation
Gurugram-based proptech firm Square Yards, founded by Tanuj Shori and Kanika Gupta Shori, has engaged investment bankers for a $200-300 million IPO at a $2 billion valuation
Square Yards Taps Bankers for $300 Mn IPO at $2 Bn Valuation Representative Image
Summary
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Proptech start-up Square Yards has engaged Axis Capital, JP Morgan, and BofA Securities to launch an initial public offering in the next financial year to raise between $200 million and $300 million, according to a report published by LiveMint. The planned listing will feature a mix of fresh equity and an offer for sale by current investors.
The IPO preparations follow a recent fundraise. The company has raised ₹900 crore from investors to grow business and refinance debt. The funding round was anchored by EAAA Alternatives and saw participation from global corporate credit manager Muzinich & Co.
The company, in an official statement, said the fund will help fortify its balance sheet while enabling the company to fuel further expansion and strengthen its technological infrastructure.
Square Yard's Financial Growth
Square Yards reported a 48% increase in revenue to ₹2,086 crore for the 2026 financial year. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 3.7 times to ₹176 crore during the same period.
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Its revenue stood at ₹1,410 crore during 2024-25. The company said that the India business contributed 88% to the total revenue, while the remaining 12% was from overseas.
The company's gross profit increased 49% to ₹476 crore last fiscal from ₹321 crore in 2024-25. The adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) jumped to ₹176 crore from ₹49 crore.
On the operational front, Square Yards facilitated sales of properties worth ₹13,236 crore during the last fiscal.
Further funding is imminent. The company plans to close another $50-60 million funding round over the next quarter, the company said in a statement last week. It will deploy the new capital to strengthen its technological backend, fund expansion, and shore up its balance sheet.
The proptech firm had previously raised over $160 million. Historical investors include Smilegate, Times Group, ADM Capital, Kae Capital, and Reliance Venture Asset Management, according to Tracxn data, quoted by the news publication.
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Integrated Proptech Ecosystem
The Gurugram-based company launched in 2014. Tanuj Shori and Kanika Gupta Shori founded the business, which now operates across India, the United Arab Emirates, Australia, and Canada.
The firm has built an integrated ecosystem of brands spanning the real estate value chain, offering services across property search, transactions, home loans, interiors, and property management.
The portfolio includes Urban Money for mortgages, Azuro for rentals and property management, and Interior Company for home interiors. It also operates a data intelligence platform for property valuation and title search, and PropVR, an AI-powered 3D and virtual reality tool for property experiences.
Square Yards competes with ANAROCK, PropTiger, Magicbricks, 99acres, Housing.com, NoBroker, Paisabazaar, Livspace, and HomeLane across various categories.
Rapid urbanisation, an expanding middle class, and robust regulatory frameworks provide ongoing tailwinds for the real estate sector. The mortgage market is also expanding rapidly as homeownership shifts toward younger buyers. The market is also experiencing a digital shift as property transactions increasingly move online.
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