New Delhi, May 16 -- Real estate marketplace Square Yards, which is backed by venture capital firm Kae Capital and Times Group among others, turned operationally profitable during the financial year ended March 2025 even as its revenue rose 40%.
The proptech startup, helmed by Tanuj Shori, reported operating revenue of Rs 1,410 crore ($170 million) for FY25. In FY24, it had clocked about Rs 1,004 crore in revenue, recording a growth of 50% year-on-year.
The company posted earnings before interest, tax, depreciation, amortization (EBITDA), which reflects operational profitability, of Rs 46 crore ($6 million). Gross profit grew 52% to Rs 316 crore, the company said in a statement.
"With over Rs 1,400 crore in FY25 revenue, consistent double-digit EBITDA margins and a 51% CAGR over the last four years, we have established a multi-category leader with a unique combination of scale, economics and market leadership," said Shori, founder and chief executive, Square Yards.
The startup, an integrated platform for real estate and mortgages, facilitates the entire home buying journey, from initial search and discovery to transactions, home loans, interiors, rentals, and property management.
In March 2023, it raised about Rs 112 crore from high-net-worth investors for the purchase of a 1 lakh square feet office space in Hyderabad. Apart from India, the firm has operations in nine countries including the UAE, Canada and Australia. The India business contributed 83% of net sales, while the Middle East accounted for 11%.
"We forecast FY26 EBITDA to grow 4-5x while maintaining over 40% revenue growth. We're targeting over $240 million in revenue and approximately $25 million in EBITDA. The operating leverage is clearly playing out, setting FY26 to be a landmark year for Square Yards," said Shori.
Published by HT Digital Content Services with permission from VC Circle.