Real estate consultant Square Yards said on Thursday its gross profit rose 14% to Rs 32.2 crore, while revenues were up 50% to Rs 100.8 crore for the quarter ended in June.
Square Yards, which operates in the field of real estate brokerage and mortgages, has a presence in India as well as abroad.
In a statement, the company said the gross transaction value (GTV) rose 79% to Rs 2,196.9 crore in the first quarter of this fiscal year, from Rs 1,228.7 crore in the year. former.
Tanuj Shori, Founder and CEO of Square Yards, said, âWe have had a phenomenal start to the year, with very strong growth indicators and a strong profitability profile. “
âWe will continue to invest in increasing our distribution capacity and building blocks of new business segments such as home interiors, rental and SaaS,â he added.
Last month, Square Yards raised $ 25 million (around Rs 185 crore) in debt from Hong Kong-based ADM Capital to expand its business.
The private equity arm of the Reliance group, headed by Anil Ambani, had invested $ 12 million in Square Yards in November 2016.
In September 2019, Square Yards raised $ 20 million in equity from a group of investors including Times Group, Genkai Capital, the founders of PropertyGuru – Steve Melhuish and Jani Rautiainen; Koh Boon Hwee ex-chairman Singtel and DBS.
Square Yards offers a complete digital real estate journey from research and discovery, transactions, mortgages, home interiors, rentals, property management and after-sales services.
It also offers B2B SaaS services to real estate agents, real estate developers, banks and other financial institutions.
Square Yards posted a 17% increase in revenue to Rs 348.8 crore in the last fiscal year in India and overseas.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting edge commentary on relevant current issues.
However, we have a demand.
As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.