Proptech firm Square Yards has raised $35 million in a fresh equity funding round, taking a decisive step closer to the coveted unicorn milestone. The round was led by South Korea-based venture capital firm Smilegate, with participation from several of the company’s existing investors, according to a spokesperson.
The latest fundraise values Square Yards at a pre-money valuation of $900 million. With talks already underway for a much larger round, the company appears firmly on track to cross the $1 billion valuation mark in the near future.
Square Yards has posted strong financial performance in recent years, supported by steady demand across both domestic and overseas markets. For the financial year FY25, the company reported revenue of Rs 1,410 crore, or about $170 million, along with EBITDA of Rs 46 crore, roughly $6 million. Industry observers point to a resilient operating model and expanding market presence as key drivers behind the consistent growth.
The company said it has clocked a 51 percent compounded annual growth rate over the last four years, reflecting rapid scale-up in both platform usage and transaction volumes. Its trailing twelve-month revenue, ending September 2025, stood at Rs 1,670 crore, while EBITDA rose sharply to Rs 120 crore, indicating improving profitability alongside growth.
According to industry sources, Square Yards is currently in advanced discussions to raise an additional $100 million from a couple of large global funds. This upcoming round is expected to be structured as a mix of debt and equity. If the deal goes through at the anticipated valuation, it will push the company into full-fledged unicorn territory.
Beyond private funding, the company is also laying the groundwork for a public listing. Sources said Square Yards is preparing for an initial public offering worth around Rs 2,000 crore, likely to take place in calendar year 2026. The move signals the company’s ambition to build a long-term, globally scaled enterprise with access to public markets.
Founded as a digital-first real estate platform, Square Yards today has a presence across India, the Middle East, Australia, and Canada. The company offers a wide range of services under one roof, helping customers search for properties, access brokerage and mortgage services, design interiors, manage rentals, handle property maintenance, and receive post-sale support.
On the business-to-business side, Square Yards provides technology-led transaction solutions for developers, brokers, financial institutions, and other real estate ecosystem partners. Its integrated approach has allowed it to tap into multiple revenue streams while deepening relationships across the property value chain.
With fresh capital in hand, strong profitability metrics, and IPO plans on the horizon, Square Yards is entering a critical phase of its growth journey. Its next funding round and public market debut will test how well India’s proptech momentum translates into long-term investor confidence on a global stage.
