Can Square Yards’ Fintech Growth Engine Drive Its IPO Ambitions?

by · Inc42

SUMMARY

  • Revenue surged 48% to ₹2,086 Cr in FY26 as Square Yards posted ₹176 Cr in positive EBITDA, strengthening its case for a potential $250-300 Mn IPO in the next 12 months
  • The proptech startup’s fintech arm, Urban Money, has emerged as its biggest growth engine, contributing nearly 60% of revenue through home loan and financial product distribution
  • Unlike rivals focused largely on property discovery, Square Yards is building a full-stack ecosystem in the hope of monetising customers across their entire real estate journey
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As Square Yards gears up for a potential $250-300 Mn IPO, the proptech startup is betting on a playbook that goes far beyond property listings and search.

The strategy now appears to be paying off. In FY26, the company reported a positive EBITDA of ₹176 Cr, marking six consecutive quarters of operational profitability, while revenue surged 48% to ₹2,086 Cr. Its fintech arm, Urban Money, has emerged as the bigger growth engine, contributing nearly 60% of total revenue and overtaking the core real estate business.

Backed by more than $114 Mn in funding from investors such as Reliance Group, ADM Capital and Bennett Coleman & Co Ltd (BCCL), Square Yards recently raised $35 Mn from South Korean venture fund Smilegate VC at a pre-money valuation of $900 Mn. 

The company is now in the process of appointing bankers for its planned public listing, which it aims to pursue by 2027-28. “We are in a formidable position to go public by next year,” CFO Piyush Bothra told Inc42 in an exclusive interaction.

Founded in 2014 by Tanuj Shori and Kanika Gupta Shori, Square Yards competes with players such as NoBroker, MagicBricks and 99acres. But unlike most proptech platforms that monetise property discovery, Square Yards is building a business around monetising the customer across multiple services long after the initial transaction.

Inc42 spoke to the company to understand how Square Yards is crafting this narrative ahead of its anticipated public market debut.