The proptech firm Square Yards has experienced significant growth in revenue, with a 2.7X increase over the last two fiscal years. Its revenue grew from Rs 245.75 crore in FY21 to Rs 650 crore in FY23, with real estate and financial services being the largest contributor. The company’s scale also grew 73.7% to Rs 663.68 crore in FY23 from Rs 382.13 crore in FY22. Square Yards deals in housing and home loan brokerage and has a strong presence in over 100 cities across nine countries. Its GTV grew 67% YoY to Rs 22,870 crore during FY23, and the number of transactions saw a two-fold jump during the last fiscal year. India was the largest market for the Gurugram-based firm, accounting for 77% of total collection.
Despite the growth in revenue, employee benefit remains the largest cost center for Square Yards, forming 49.21% of the overall cost. This cost surged 42.8% to Rs 456.03 crore in FY23. Commissions paid to agents also surged 2.59X to Rs 156.6 crore in FY23 from Rs 60.44 crore in FY22. However, with significant growth in scale and controlled expenses, Square Yards’ losses grew only 13.8% to Rs 256.17 crore in FY23 from Rs 225.1 crore in FY22. The fourth quarter of the last fiscal year (January to March 2023) was profitable, according to the company’s provisional financial statement.
With strong momentum and a roster of investors, Square Yards is likely to deliver an IPO soon. The company is gaining market share in an expanding. With significant growth in scale and controlled expense, Square Yards’ losses grew only 13.8% to Rs 256.17 crore in FY23 from Rs 225.1 crore in FY22. FY23 seems the best fiscal for the firm as its provisional statement also mentioned that the fourth quarter of the last fiscal (January to March 2023) was profitable.
Square Yards’ losses grew only 13.8% to Rs 256.17 crore in FY23 from Rs 225.1 crore in FY22, despite significant growth in scale and controlled expenses. The company’s performance in the fourth quarter of the last fiscal year (January to March 2023) was profitable, indicating a positive trend for the company. FY23 seems to be the best fiscal year for the firm so far, with a 2.7X growth in revenue and a 73.7% growth in scale.