Property brokerage firm Square Yards Q3 revenue up 50% nearly at Rs 80cr

Property brokerage firm Square Yards, which is backed by Anil Ambani-led Reliance group and Times group, has posted a 50 per cent growth in revenue at Rs 79.6 crore for the third quarter of this fiscal.

It had posted a revenue of Rs 52.9 crore in the year-ago period.

The gross transactions value (GTV) grew 33 per cent to Rs 1,591.2 crore during October-December period.

During the third quarter of 2019-20, Indian real estate operations contributed 65 per cent to the overall revenue, while 24 per cent came from international business and rest 11 per cent from mortgage business.

Early this month, Square Yards acquired Mumbai-based rental platform Azuro as part of its expansion plan.

In September 2019, Square Yards raised USD 25 million (around Rs 175 crore) through preferential issue of equity shares to investors including Times Group.

The company has so far raised USD 50 million in equity and over USD 25 million in debt financing since its inception in 2014.

Anil Ambani-led Reliance Group's private equity arm had invested USD 12 million in Square Yards in November 2016.

The Gurugram-based company had clocked a revenue of Rs 220 crore in the 2018-19.