Square Yards raises $35 Mn at $935 Mn valuation; unicorn, IPO plans ahead

Proptech firm Square Yards has raised $35 million in a fresh equity round led by South Korea–based Smile Gate Group, with participation from its existing investors.

 The transaction, confirmed to Entrackr by the company, values the Gurugram-headquartered startup at a post-money valuation of $935 million. 

VCCircle first reported the development on Tuesday.

The latest fundraise kicks off Square Yards’ broader capital strategy as it reportedly prepares for a Rs 2,000 crore initial public offering (IPO) in calendar year 2026.

According to the sources, it is currently in advanced negotiations to secure an additional $100 million from a couple of large global funds. This proposed infusion is expected to be a mix of debt and equity. Once completed, the round is expected to push Square Yards into the unicorn club, becoming one of the few Indian proptech companies to touch a billion-dollar valuation. The names of the funds in discussions remain undisclosed.

Founded in 2014, Square Yards operates as an integrated real estate and mortgage platform, covering search, discovery, transactions, home loans, interiors, rentals, and property management. Its fintech arm, Urban Money, facilitates loans across housing, personal, and secured lending segments.

Over the last 12 months, Square Yards claims to have facilitated Rs 12,000 crore in property transactions and Rs 66,000 crore in loans.

Square Yards posted Rs 1,410 crore (about $170 million) in revenue for FY25, with Rs 46 crore EBITDA, backed by a strong real estate cycle and higher mortgage distribution volumes. 

Over the past four years, the company has recorded a 51% revenue CAGR, reflecting significant operating leverage. For the twelve months ending September 2025, its revenue climbed to Rs 1,670 crore, while EBITDA surged to Rs 120 crore, which highlights the improved profitability as the company gears up for its IPO.

Prior to this, Square Yards last raised $25 million in 2021 from ADM Capital, and before that $20 million from Bennett Coleman & Co. and Japan’s Genkai Capital in 2019. 

It competes with NoBroker, which became India’s first proptech unicorn in 2021.