Square Yards, a proptech startup, has secured $20 million (approx ₹142 crore) of equity capital from a clutch of investors. While, some of the existing investors of the platform also participated in the round.
Gurugram-based company said that with the latest fundraise, it wants to aggressively ramp up its investments in strengthening its technology infrastructure.
It is also looking to build a go-to consumer brand, as well as expand to newer geographies in emerging countries, especially those that have a large primary residential market and fragmented distribution, it added.
With the current round of investments, the company’s expected valuation is estimated to be in the range of $260 million – $300 million.
Square Yards was founded by Tanuj Shori and Kanika Gupta in 2014. It is a technology-led real estate brokerage and mortgage marketplace, which claims to be moving $1 billion worth of assets annually, with revenue run rate of $44 million.
Tanuj Shori, Co-Founder of Square Yards, said, “With the conclusion of this round, more than the capital, what we have truly gained is some very distinguished global expertise on our advisory board. We are very fortunate to have them guide us in our path to create one of the largest consumer tech business emerging out of India.”
The company said that it is one of the few consumer tech startups in India to have scaled significantly with positive unit economics and profitability at EBIDTA level. The startup has 3,000 employees, and is present in 10 countries as of now.
Some of the significant protech startups include Magicbricks, Commonfloor, Indian Property, and many more.