Gurugram-based integrated real estate and mortgage platform Square Yards has officially entered the unicorn club after raising ₹900 crore (around $95 million) in a fresh pre-IPO funding round.
The structured capital infusion comprised a mix of debt and equity transactions, vaulting the startup’s valuation past the $1 billion threshold. The deal stands as one of the largest fundraises recorded in the Indian proptech (property technology) landscape over the last five years.
1. Deconstructing the Cap Table Expansion
The financing round was tailored to balance long-term equity dilution with immediate, non-dilutive liquidity to fuel operational infrastructure:
- The Anchors: The equity portion of the transaction was led by domestic real estate investment firm EAAA Alternatives (EAAA India Alternatives Ltd.). The debt and corporate credit facilities were anchored by global institutional credit manager Muzinich & Co.
- The Pre-IPO Momentum: The milestone lands just seven months after the company secured a $35 million equity injection from South Korea’s Smilegate Group at a $935 million valuation.
- The Follow-on Pipeline: Sources close to the company indicate that Square Yards is already in advanced discussions to pull in an additional $50 million to $60 million over the next quarter at a target valuation of $1.6 billion to cement its balance sheet before filing its public market prospectus.
[EAAA Alternatives (Equity)] ──┐
├──► ₹900 Crore ($95M) Pre-IPO Round ──► Valuation Crosses $1 Billion (Unicorn)
[Muzinich & Co. (Credit/Debt)] ─┘
2. Strong Financial Tailwinds Behind the Valuation
The company’s path to unicorn status has been cleared by exceptional fundamental growth across the fiscal year ended March 2026 (FY26), allowing it to decouple from typical cash-burning tech models:
- Revenue Growth: Operating revenues surged 48% year-on-year to hit ₹2,086 crore, marking the first time the company has crossed the ₹2,000 crore threshold.
- EBITDA Multiplier: Operational earnings (EBITDA) grew a staggering 3.7-fold to ₹176 crore, causing core EBITDA margins to expand from 3% to 8% within a twelve-month frame.
- Historical Base: The firm has tracked a highly consistent 5-year revenue Compound Annual Growth Rate (CAGR) of approximately 53%.
3. The Multi-Vertical Growth Engine
Founded by husband-and-wife duo Tanuj Shori and Kanika Gupta Shori, Square Yards has aggressively evolved beyond basic digital property brokerage into a highly complex, full-stack ecosystem covering the entire housing life cycle:
| Structural Business Division | Operational Brand Name | Key FY26 Traction / Performance Parameters |
| Fintech & Loan Distribution | Urban Money | Emerged as the primary group engine, contributing nearly ₹1,100 crore to revenues and facilitating ₹87,831 crore in loan disbursals via 150+ banking partners. |
| Rentals & Asset Mgmt. | Azuro | Handles end-to-end multi-city fractional property monitoring, tenant verification, and automated rental yields. |
| Home Designing & Decor | Interior Company | High-margin interior layout automation, capturing immediate downstream value from freshly closed property sales. |
“We have spent the last few years building a highly profitable, scalable, and fully integrated platform. As we gear up for our upcoming IPO, this capital raise will provide us with the strategic firepower to accelerate our market expansion and deepen our technological moats.”
— Tanuj Shori, Founder & CEO, Square Yards
The fresh capital will be deployed to expand physical agent and distribution footprints across India, the UAE, Australia, and Canada, while upgrading proprietary AI-led credit underwriting algorithms ahead of its domestic initial public offering.
