Square Yards has been on a roll even amidst the COVID-19 pandemic. At a time when the Indian realty sector saw sales figures plummet by 65% (year on year), the brand has managed to post 3,700 real estate deals between March and June with Rs. 2,200 in combined GTV (gross transaction value). Garnering close to 20% of market share in this period, Square Yards controlled a whopping 80% of the Gulf-NRI segment alone. NRI and global buyers accounted for 60% and almost 50% of the GTV and transactions respectively.
Square Yards has confirmed hiring plans for 2,500 new employees across technology, operations and sales teams in the Gulf and India alike. 500 people will be recruited for GCC operations in FY2020-21 (Q2-Q3) while 2,000 people will be hired for the Indian operations. Kanika Gupta Shori, COO and Founder at Square Yards, has stated that fresh campus graduates will find a great learning curve and opportunities galore at Square Yards which is the right fit for them at this juncture in their lives. She talked of how hustlers are sought by the company who can lead it to the next phase of growth.
Square Yards will be holding annual appraisals for all employees along with announcing ESOPs (employee stock options) for sharing wealth. 40% of employees are presently holders of ESOPs while Rs. 7 crore of incentives have also been distributed in the previous quarter itself. Shori has also highlighted how the company remains committed towards employee safety with the majority of the workforce operating from their homes, healthcare benefits and a dedicated COVID-19 insurance policy in place as well.
Square Yards has turned profitable over the last 3 quarters (EBITDA basis), being one of the rare Indian consumer-tech startups to sustain operations with its internal cash flows while achieving growth and profitability alike. The company drew revenues of Rs. 298 crore for FY2019-20 and Rs. 220 crore in FY2018-19. It is present in more than 25 cities and 9 countries, having raised $50 million in equity since its inception and more than $30 million in convertible debt financing. Rental platform Azuro was acquired by Square Yards in January this year. The brand is now transforming the property purchase experience for customers by offering virtual tours, seamless site visits and other technology-enabled measures.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.