Delhi NCR-based proptech startup Square Yards is moving ahead with its much-anticipated ₹2,000 crore IPO, targeting a valuation of around $2 billion (≈ ₹16,000 crore). The company is expected to issue fresh equity worth ₹1,000 crore alongside an Offer for Sale (OFS) of existing shares, as it gears up to list within the next fiscal year
1. 🌱 Financial Performance Leading Up to IPO
In FY25, Square Yards posted revenues of ₹1,410 crore (≈ $165 million), up approximately 40% year-over-year. Gross Transaction Value (GTV) climbed to ₹59,000 crore (≈ $7 billion) across 185,000 transactions. EBITDA stood at ₹46 crore, with the company achieving operating cash flow positivity
2. 🔄 Dual-Component Deal Structure
- Fresh Issue: ₹1,000 crore aimed at fueling growth and fintech expansion
- OFS: ₹1,000 crore allowing early investors and founders to partially exit before the public listing
This structure is in line with Square Yards’ earlier plans and mirrors common Indian IPO practices.
3. 💰 Valuation & Market Position
The ₹2,000 crore IPO values Square Yards near $2 billion, validating its unicorn status versus its approximate ₹1,600 crore valuation in earlier private rounds. With ₹310 crore in gross profit and ₹46 crore EBITDA, it emerges as one of India’s few profitable proptech platforms.
4. 🛠 Strategic Use of Capital
Funding from the IPO will accelerate Square Yards’ growth in:
- Fintech & mortgage broking (51% of FY25 revenue)
- Real estate services (39%)
- Interior design and digital services segments
The fund aimties to accelerate its fintech stack, deepen market penetration, and scale higher-margin verticals inc42
5. 📊 Growth Outlook & Investor Confidence
CEO Tanuj Shori expects FY26 growth of ~50%, with a projected 4–5× YoY surge in EBITDA based on current run-rate. The IPO will also offer liquidity to early investors like ADM Capital and Reliance Venture Asset Management, reinforcing confidence in the company’s business trajectory.
✅ Summary
Square Yards’ ₹2,000 crore IPO—comprising ₹1,000 crore fresh issue and ₹1,000 crore OFS—is set at a $2 billion valuation. The timing follows strong FY25 financials: ₹1,410 crore revenue, cash-flow positivity, and high margins. The funds raised will support fintech and premium services expansion, making this a landmark event in India’s proptech sector.
