Square Yards, a real estate and mortgage platform based in Gurugram, has joined the ranks of India’s unicorns after securing Rs 900 crore (approximately $95 million) in a funding round. This achievement is significant as it underscores the growing importance of the proptech sector in India, where digital solutions in real estate are increasingly gaining traction. The funding round, a mix of debt and equity, was led by EAAA Alternatives, with participation from Muzinich & Co. This milestone positions Square Yards as a key player in the real estate technology market, reflecting its valuation of over $1 billion.
### Square Yards: A Diverse Real Estate Platform
Founded by Tanuj Shori and Kanika Gupta, Square Yards operates a multifaceted platform that addresses various aspects of real estate transactions. The company provides services ranging from property brokerage and home loans to rentals, interiors, and property management. With operations extending beyond India to the UAE, Australia, and Canada, Square Yards has built a comprehensive business model that integrates diverse elements of the real estate value chain. The firm’s notable subsidiaries include Urban Money, a mortgage marketplace, Azuro for rental and property management, and Interior Company, a home interiors brand. Urban Money, in particular, has been instrumental in the company’s growth, facilitating loan disbursals worth Rs 87,831 crore in FY26 through collaborations with over 150 banks and non-banking financial companies (NBFCs).
### Funding Environment and Competition
The latest funding round for Square Yards is one of the largest in the Indian proptech sector over the past five years. It comes on the heels of a $35 million raise led by South Korea-based Smilegate Group, which valued the company at $935 million. The current injection of funds highlights a growing investor interest in India’s proptech landscape, driven by increasing digitisation and demand in the real estate and housing finance markets. While Square Yards has achieved unicorn status, it faces competition from other players in the sector like NoBroker and Housing.com, which are also innovating to capture market share. The competitive environment is fostering a wave of technological advancements aimed at simplifying real estate transactions and enhancing customer experience.
### Implications for India’s Startup Ecosystem
Square Yards’ entry into the unicorn club is a testament to the resilience and potential of Indian startups, particularly in sectors traditionally dominated by offline transactions. This development illustrates how technology is redefining the real estate market in India, enabling startups to scale rapidly and attract significant investments. The success of Square Yards could inspire other proptech startups to pursue innovative solutions and expand their market presence. Furthermore, the company’s plan for an Initial Public Offering (IPO) suggests a growing maturity in the sector, offering investors more opportunities to engage with high-growth companies in the Indian market.
As Square Yards gears up for its next phase of growth, it is reportedly in discussions to raise an additional $50–60 million in the coming quarter, aiming for a valuation of approximately $1.6 billion. For founders and investors, this indicates a robust pipeline of opportunities within the proptech space, as digital transformation continues to reshape traditional industries. Stakeholders should watch for Square Yards’ IPO plans, which could set a precedent for other proptech companies considering public listings in the near future.
