Square Yards Becomes India's Newest Unicorn Startup With $95 Million Raise, Eyes INR 2,000 Crore IPO
Square Yards, India's integrated real estate and mortgage technology platform, has officially entered the unicorn club after raising INR 900 crore (approximately $95 million) in a funding round anchored by EAAA Alternatives and global corporate credit manager Muzinich & Co.
The round comprises a mix of debt and equity and values the Gurugram-based company at over $1 billion. Founded in 2014 by Tanuj Shori and Kanika Gupta, Square Yards has become one of the few Indian proptech companies to cross the billion-dollar threshold, joining a small cohort that includes NoBroker, which became India's first proptech unicorn in 2021.
What the INR 900 Crore Funding Round Signals for Indian Proptech
The timing of this raise is notable. The round is among the largest fundraises by an Indian proptech company in the last five years, and comes at a moment when global funding sentiment remains cautious.
That two institutional investors, one an alternatives platform, the other a credit manager with a global footprint, have committed capital at a unicorn valuation underscores a broader confidence in India's residential real estate cycle and the digitisation of property transactions.
According to sources, Square Yards is also looking to raise an additional $50 to 60 million over the next quarter as it prepares for its initial public offering. Tanuj Shori confirmed in his LinkedIn post that this round is the first tranche of a larger capital raise, with more to follow. The aggregate target appears to align with the company's earlier reported intent to raise roughly $100 million in a pre-IPO mix of debt and equity.
Square Yards Revenue and Profitability Trajectory in FY26
The fundraise is supported by strong operating numbers. Square Yards' revenue grew 48% year-on-year to INR 2,086 crore in FY26, while EBITDA jumped 3.7 times to INR 176 crore.
The EBITDA margin expanded to 8% from 3% in FY25, a meaningful inflection that positions the company credibly for public markets. The four-year revenue CAGR stands at approximately 51%, making the growth story one of consistent compounding rather than a single-year spike.
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Operating Revenue | INR 996 crore | INR 1,400 crore | INR 2,086 crore |
| EBITDA | Not disclosed | ~INR 47 crore | INR 176 crore |
| EBITDA Margin | — | ~3% | ~8% |
| YoY Revenue Growth | ~50% | ~41% | 48% |
Urban Money, Azuro, and the Multi-Vertical Business Model
Beyond core property brokerage, Square Yards has assembled a portfolio of adjacent businesses that collectively deepen its share of the real estate transaction value chain. These include mortgage marketplace Urban Money, rental and property management platform Azuro, and home interiors brand Interior Company.
Urban Money has emerged as the group's most significant growth engine. The platform facilitated loan disbursals worth INR 87,831 crore in FY26 through partnerships with more than 150 banks and NBFCs.
That figure, in the context of India's expanding home loan market, highlights how Square Yards has moved well beyond transaction facilitation into financial services, a segment with materially higher margins and recurring revenue potential.
The company has a presence across India, the UAE, Australia, and Canada, with international markets contributing a meaningful share of revenue, particularly through the Middle East corridor where Indian diaspora demand for Indian residential property remains robust.
Square Yards IPO Timeline and Valuation Expectations
Square Yards is reportedly preparing for an INR 2,000 crore IPO in calendar year 2026. Sources close to the company suggest it is planning to float at a valuation of at least $1.5 billion.
The IPO is expected to comprise an equal split between a fresh issue and an offer for sale. Notably, founders are expected to continue holding more than 50% stake post-listing, a relatively unusual position that signals limited dilution pressure and long-term founder alignment.
Funding History: From $300 Million to Unicorn
The latest round comes seven months after Square Yards raised $35 million led by South Korea-based Smilegate Group at a post-money valuation of $935 million. Before that, the company had last raised equity funding in 2019 from Bennett Coleman & Co., Genkai Capital, and others at a valuation of around $300 million.
| Round | Year | Amount | Lead Investor | Valuation |
|---|---|---|---|---|
| BCCL/Genkai Round | 2019 | $20 million | Bennett Coleman, Genkai Capital | ~$300 million |
| ADM Capital Round | 2021 | $25 million | ADM Capital | Not disclosed |
| Smilegate Round | Nov 2025 | $35 million | Smilegate Group | $935 million |
| EAAA/Muzinich Round | Jun 2026 | $95 million | EAAA Alternatives, Muzinich & Co. | $1 billion+ |
The decade-long journey from a two-founder proptech startup to a unicorn preparing for public markets reflects both the maturation of India's real estate technology sector and Square Yards' disciplined pivot towards profitability.
With a confirmed unicorn valuation, a multi-brand portfolio spanning mortgages, rentals, and interiors, and an IPO in active preparation, Square Yards now faces a more exacting test: sustaining growth metrics under the scrutiny of public market investors.
Muskaan Kapoor
