Gurugram-based Square Yards, which operates a real estate brokerage and mortgage marketplace, today announced it has raised $25 million (about Rs 186 crore) in a growth financing led by Hong Kong-based ADM Capital.
The raising of $25 million serves as the first tranche of the company's ongoing plan of raising $100 million in the near term. According to the press statement, Square Yards will use the raised capital to continue to expand its reach and invest in various verticals across the value chain.
ADM Capital is a Hong Kong-based investment management company that provides flexible credit solutions and currently has about $2.4 billion assets under management across the Asia Pacific and Europe.
Speaking on the development, Tanuj Shori, Founder and CEO, Square Yards, said:
“We have been fairly capital-efficient since inception with a clear focus on delivering high ROI. With significant operational benchmarks met over the last 12 months, like profitability and pilot success of new initiatives like rental and property management, home interiors, etc.; we believe we are now at the cusp of an accelerated growth curve."
Square Yards recently acquired platform capabilities in rentals and property management, data intelligence, and virtual reality (VR) space and has also launched its full-service platform that offers home furnishing and home interior services to customers across the country.
"With a strong institutional partner like ADM Capital, we believe we can now aggressively push towards brand and personnel investments to achieve a much faster trajectory," Tanuj adds.
Founded in 2014, Square Yards is a technology-enabled real estate and mortgage platform that offers the full stack digital real estate journey from search and discovery, transactions, mortgages, home interiors, rentals, property management, and post-sales services.
Square Yards helps transact 15,000+ transactions worth more than US$1 billion every year, with profitable economics, the company said.
Christopher Botsford from ADM Capital, said: “Square Yards’ extensive customer and partnership network, capable sales team, and market-leading fully-integrated software uniquely position it for success in an industry poised for growth."