Property brokerage firm Square Yards’ Q2 revenue up 56% at Rs 75.5 crore
During the second quarter of 2019-20, Indian real estate operations contributed 73 % to the overall revenue, while 20 % came from international business and rest 7 % from mortgage business, he said.Updated: Nov 19, 2019 15:54 IST
Property brokerage firm Square Yards, which is backed by Anil Ambani led-Reliance Group, has reported a 56 % growth in revenue at Rs 75.5 crore for the second quarter of this fiscal, its CEO Tanuj Shori said on Tuesday.
It had posted a revenue of Rs 48.3 crore in the year-ago period.
In September, Square Yards raised USD 25 million (around Rs 175 crore) through preferential issue of equity shares to investors, including Times Group.
“Square Yards continues to deliver strong results in the weak industry backdrop, with revenues up 56 % year-on-year (Rs 75.5 crore), real estate segmental growth of 67 %, and brokerage margins (take rates) at an all time high,” Shori said.
During the second quarter of 2019-20, Indian real estate operations contributed 73 % to the overall revenue, while 20 % came from international business and rest 7 % from mortgage business, he said.
Gross transactions value (GTV) grew 30 % to Rs 1,470.3 crore during July-September period.
Shori said the company closed USD 25 million funding as part of its ongoing fund raise during the quarter.
“BCCL (Times of India) led the round, which also saw the participation from numerous sector and capital markets’ marquee names,” Shori said, adding the funds would be utilised for brand campaigning, technology and overall growth.
Square Yards has so far raised USD 50 million in equity and over USD 25 million in debt financing since its inception in 2014. Anil Ambani-led Reliance Group’s private equity arm had invested USD 12 million in Square Yards in November 2016.
The Gurugram-based company had clocked a revenue of Rs 220 crore in the 2018-19 financial year. It currently has over 2,000 employees.