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Square Yards secured USD 35 million in a fresh equity round led by Smile Gate Group along with its existing investors, placing the company's valuation in the range of USD 900-935 million and pushing it closer to unicorn status. The company is also in discussions to raise an additional USD 100 million through a mix of debt and equity as part of its pre-IPO strategy. With FY25 revenue at about INR 1,410 crore and a sharp rise in trailing 12-month EBITDA, the firm reported strong momentum in Q2 FY26, driven largely by its financial services vertical.
Square Yards, the integrated real-estate and mortgage-services platform, has recently raised USD 35 million through a fresh equity round led by Smile Gate Group, with participation from its existing investors. This funding has taken its valuation to roughly USD 900-935 million, positioning the company on the threshold of unicorn status. People familiar with the development indicated that the firm is simultaneously exploring an additional USD 100 million raise, through a combination of debt and equity, as part of its broader capital-building plan ahead of its proposed 2026 initial public offering. The company is preparing an IPO of nearly INR 2,000 crore, which is expected to be launched subject to favourable market sentiment and regulatory approvals. Advertisement
The company reported revenue of nearly INR 1,410 crore in FY25, with EBITDA amounting to around INR 46 crore. Its trailing 12-month performance ending this past September showed a notable improvement, with revenue increasing to about INR 1,670 crore and EBITDA rising close to INR 120 crore. This improvement followed a period of operational restructuring and widening contributions from its mortgage and financial-services businesses.
In the second quarter of FY26, the company posted revenue of approximately INR 455.5 crore, registering a 43% year-on-year rise. For the first half of FY26, revenue touched INR 833.2 crore, while EBITDA stood at INR 23 crore - marking a turnaround from an EBITDA loss of INR 49 crore during the same period a year earlier. Close to 60% of its revenue in the first half was contributed by its financial-services arm, while management expects the proptech business to pick up momentum in the latter half owing to seasonal demand recovery and the launch of updated technology-led solutions.
Established in 2014, Square Yards operates across the entire property lifecycle - spanning residential transactions, mortgage distribution, rentals, interiors, and property-management services. The company's integrated model, combining real-estate brokerage with fintech-driven home-loan and post-sales services, has given it scale across major Indian cities and select international markets. Over the past few years, the firm has reported steady expansion in markets such as the UAE, Australia and Canada, complementing its domestic operations.
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