New Delhi, 22 April, 2023: Square Yards, India’s largest integrated real estate platform, announced today that it has clocked a GAAP revenue of Rs 670cr in FY23 with 70% Y-o-Y growth over the last financial year. The Gross Transaction Value (GTV) stood at INR 22,870 Cr, up 67% Y-o-Y while the number of transactions doubled during the year.
The company outperformed its FY23 forecast by 11%, achieving its fastest growth year and most profitable quarter ever. Q4, FY23 revenue stood at Rs 236.6cr, up 58% Y-o-Y as it marked the 6th consecutive 50%+ Y-o-Y growth quarter for the company. Annualized revenues (annualizing Q4), stood just under Rs 1000 Cr, a significant milestone for the company which has grown 2.6 times in revenue in 2 years from Rs 255 Cr in FY21.
“We had a sensational finish to the year with aggressive growth & strong profitability. Our focus on providing integrated solutions across the real estate ecosystem and our investments in expanding our capacity should continue to drive operating leverage over the next couple of years. As we rejoice a phenomenal year, we are buckling up for an ambitious target of INR1000+ Cr revenue and full FY profitability in FY24”, said Tanuj Shori, Founder and CEO, Square Yards.
Real estate services and financial services remain the largest contributors to the overall revenue, with approximately 87% of the overall revenue. Both segments combined delivered a contribution margin of 11% and were profitable at the EBITDA level. New businesses like Home renovations, Property management, Fractional real estate & Metaverse solutions also witnessed strong growth and are poised to evolve into very large businesses in FY24. Square Yards’ search and discovery portal squareyards.com continued to gain market share with 8mn visitors/month.
Square Yards’ impressive results in FY23 are a testament to its leadership, innovation, and focus on customer satisfaction. With a strong track record of growth, the company is well-positioned to change the behavior and economics of the largest fragmented and unorganized sector opportunity in the world.