Square Yards net revenue up 70% at $23 mn in FY'18

Property brokerage firm Square Yards has reported 70 per cent increase in net revenue to USD 23 million (about Rs 156 crore) for the last fiscal as it closed higher transactions in real estate and home loan businesses.

Backed by Anil Ambani-led Reliance group, which invested about Rs 80 crore in November 2016, the company had posted a net revenue of USD 13.5 million in the 2016-17 fiscal.

The company achieved USD 27 million gross revenue, USD 23 million net revenue, gross transactional value of USD 725 million and 12,000 transactions last fiscal, its founder and CEO Tanuj Shori said.

The gross revenue in 2016-17 was USD 17 million, while the number of transaction stood at 6,000 and gross transaction value at USD 422 million.

Shori said that the company is "just shy of break even" with March being EBITDA positive on a monthly basis, at the corporate level.

Square Yards said it has achieved steady increase in both real estate brokerage and mortgage businesses.

"We believe that tech is fast disrupting the real estate world. While the first phase of real estate technology innovation was more focused on home search and discovery, the second phase, which focuses on enabling real estate transactions, has truly begun," Shori said.

Founded in 2013, Square Yards is distributor for primary residential real estate in India, and focuses on the Non Resident Indian (NRI) markets.

The company is targeting a double digit market share in Indian real estate distribution, expanding to 25 plus countries and becoming largest mortgage advisory and developer marketing firm in India.