Square Yards Unicorn

One platform covering property purchase, financing, legal documentation and home services instead of a fragmented, agent-by-agent process.

Data-driven market research to help NRIs evaluate Indian real estate opportunities from abroad with more confidence.

Rather than chasing the luxury/high-end segment, Square Yards targeted the larger mass-market pool of first-time property buyers.

Non-resident Indians seeking to invest in Indian real estate without reliable local information — the segment the founders originally built the company around.

Retail buyers browsing listings across primary and resale inventory on the Square Yards website.

A large share of business comes from developers who return to list further projects on the platform, reflecting a sticky, relationship-driven B2B side.

Dedicated apps for buyers and for brokers, backed by a custom CRM/ERP that runs the full transaction workflow.

Supply-side listings portal reaching millions of property seekers directly.

Physical/local presence across dozens of cities globally to serve NRI and international buyers directly.

Facilitating end-to-end brokerage on both new (primary) and resale property sales.

Originating and disbursing home loans and related credit products through partner financial institutions.

Design and delivery of home interiors including 3D visualisation and project tracking.

Large owned salesforce equipped with a tech stack for virtual meetings, collateral sharing and comparative market analysis.

In-house intellectual property in virtual reality and AI, used for digital property experiences (via PropVR).

A large supply-side database of listed properties and sourced projects across thousands of developers.

Developers list projects through Square Yards' distribution network in exchange for a meaningful share of their unit sales.

Integration with lenders and credit bureaus underpins the Urban Money mortgage facilitation business.

Percentage-based fee charged on the sale value of primary and resale units brokered through in-house agents.

Commission earned from banks/NBFCs for facilitating home loans, LAPs, personal/business loans and insurance.

Fees from end-to-end home interior design and execution projects delivered under the Interior Company brand.

Employee benefits are Square Yards' single largest cost category, accounting for 43% of total costs. The expense grew 17% year-on-year to more than ₹534 Cr in FY24, up from ₹456 Cr in FY23.

Total expenses grew more than 25% year-on-year to ₹1,220.25 Cr in FY24, up from ₹926.68 Cr in FY23, reflecting the scale of running an owned sales, mortgage-advisory and interiors workforce.

Non-cash ESOP costs are large enough to affect reported profitability — Square Yards says it reached EBITDA profitability in Q4 FY24 only after adjusting for ESOP expense.