Proptech firm Square Yards raises $35 million at a valuation of $900 million

Proptech firm Square Yards has raised $35 million in fresh equity funding led by South Korea-based Smile Gate Group, with participation from its existing investors. The round values the company at $900 million.

Founded in 2014, Square Yards operates an integrated real estate and mortgage services platform spanning property search, discovery, transactions, home loans, interiors, rentals, and property management. Its fintech arm, Urban Money, provides housing, personal, and secured loans. More than 87% of its business is driven through aggregated channels such as brokers, advisors, and lending partners, while the rest comes from direct operations.

The company has facilitated Rs 12,000 crore worth of property transactions and Rs 66,000 crore of loans over the last 12 months. It reported Rs 1,410 crore in revenue for FY25 with Rs 46 crore EBITDA, supported by a strong real estate cycle and higher mortgage distribution volumes.

Over the past four years, Square Yards has recorded a 51% revenue CAGR. For the twelve months ended September 2025, revenue rose to Rs 1,670 crore and EBITDA increased to Rs 120 crore as the firm strengthened its profitability ahead of its public listing plan.

In a separate disclosure, SquareYards reported Rs 455.5 crore in revenue for Q2 FY26, registering 43% year-on-year growth. For the first half of FY26, revenue rose 44% year-on-year to Rs 833.2 crore. EBITDA for the period stood at Rs 23 crore, compared to a Rs 49 crore loss in the same period last year. Financial services contributed about 60% of total revenue in H1, while the proptech business is expected to grow faster in the second half of the year with seasonal recovery and new product launches.

The India business, led by the fintech segment, grew 53% year-on-year and now contributes 85% of the company’s total revenue. Gross Transaction Value rose 75% year-on-year in Q2 FY26. Revenue grew 43% year-on-year and gross profit increased 72% year-on-year, helped by a 320-basis point improvement in gross margin to 19%.

Square Yards last raised $25 million in 2021 from ADM Capital, preceded by a $20 million round in 2019 from Bennett Coleman & Co. and Japan’s Genkai Capital. It competes with NoBroker, which became India’s first proptech unicorn in 2021.