Delhi NCR-based proptech startup Square Yards is poised to make waves in India’s startup ecosystem with its planned INR 2,000 Cr (approximately $233 Mn) Initial Public Offering (IPO), set to be filed between December 2025 and March 2026. Led by founders Tanuj Shori and Kanika Gupta Shori, the company has emerged as a leader in the real estate technology space, blending innovation with a global footprint. This article explores Square Yards’ journey, its financial growth, and the significance of its upcoming IPO. Why does this matter? Square Yards’ public debut could redefine how proptech startups scale while maintaining founder control in a competitive market.
A Vision Rooted in Innovation
Founded in 2014 by Tanuj Shori and Kanika Gupta Shori, Square Yards has transformed the real estate industry with its full-stack platform, covering everything from property search and home loans to interiors and property management. The company’s mission is to simplify the complex real estate journey, making it accessible and seamless for buyers, sellers, and investors. “We wanted to build a platform that empowers every stakeholder in real estate,” Tanuj Shori said in a February 2025 podcast with PPW, highlighting the company’s tech-driven approach.
Square Yards stands out for its global reach, with over 25% of its revenue generated from international markets like the Middle East, Australia, and Canada. This diversification, coupled with its robust digital infrastructure, has positioned it as a frontrunner in the proptech sector. The company’s team, including key members like Vivek Agarwal, Abinash Patra, Sopan Gupta, Kirti Suryavanshi, Himanshi Soni, and Nancy Manchanda, has been instrumental in driving its growth across domestic and international markets.
IPO Plans Take Shape
Square Yards is gearing up for a landmark IPO, aiming to raise INR 2,000 Cr through a balanced mix of fresh equity issuance and an Offer for Sale (OFS), according to sources. The company is in the process of finalizing investment bankers and deciding between a traditional Draft Red Herring Prospectus (DRHP) filing or a confidential pre-filing route, which offers greater flexibility. The IPO, expected between December 2025 and March 2026, could value Square Yards at $1.5–2 Bn, cementing its unicorn status.
The startup’s financial performance underscores its readiness for the public market. In FY25, Square Yards reported operating revenue of INR 1,400 Cr and a gross profit of INR 316 Cr, with 83% of its revenue from India and the rest from international markets like the Middle East, Australia, and Canada. For FY26, the company targets INR 2,000 Cr in revenue and INR 200 Cr in EBITDA, reflecting a projected 50% revenue growth. This aligns with its historical four-year revenue CAGR of 51%, growing fivefold from INR 272 Cr in FY21.
Financial Growth and Global Reach
Square Yards’ revenue streams are highly diversified: 51% from financial products and services, 39% from real estate services, 6% from interior services, and 4% from digital products. Its international operations, contributing over 25% of revenue, have seen significant traction, with a 200% growth in Gross Transaction Value (GTV) and 130% in revenues from global markets as of June 2021. The company’s EBITDA breakeven in FY24 and operating cash flow positivity in FY25 signal financial discipline, making it an attractive prospect for IPO investors.
The IPO proceeds are expected to fuel further expansion, including scaling new verticals like rentals, property management, and home furnishing, as well as strengthening its presence in international markets. With existing investors like Reliance Group (holding an 8% stake), ADM, Kae Capital, and Bennett Coleman and Co Ltd., Square Yards has a strong backing to support its public listing ambitions.
Why Square Yards’ IPO Matters
Square Yards’ IPO comes at a time when India’s startup ecosystem is witnessing a surge in public listings, with 23 new-age tech companies eyeing over INR 55K Cr in 2025. The proptech sector, in particular, is gaining momentum, with companies like Anarock and Macrotech Developers successfully tapping public markets. Square Yards’ ability to retain over 50% founder stake post-IPO sets it apart, signaling confidence in long-term growth while balancing investor interests.
The company’s global revenue, contributing over 25% from markets like the Middle East, Australia, and Canada, taps into the growing demand for real estate services among the Indian diaspora and international investors. A 2024 Statista report highlights that the global proptech market is projected to grow at a 16% CAGR through 2030, and Square Yards’ integrated platform positions it to capture this opportunity. Its tech-driven approach, including virtual reality tools and data intelligence, aligns with consumer preferences for seamless, digital-first real estate experiences.
A Case Study in Proptech Success
Square Yards’ journey mirrors other successful Indian startups like boAt and Urban Company, which have leveraged strong financials and strategic timing for IPOs. Unlike traditional real estate firms, Square Yards’ full-stack model—covering brokerage, rentals, and home loans—offers a competitive edge. Its acquisitions in interiors and data intelligence have further strengthened its ecosystem, much like global proptech leaders like Zillow. The company’s 4.5 million monthly traffic and 50,000+ active agents underscore its market dominance.
The IPO’s potential to fund expansion into new verticals and markets could replicate the success of REIT listings like Mindspace Business Parks, which raised INR 4,500 Cr. For investors, Square Yards offers a blend of stability (EBITDA breakeven in FY24) and growth (50% projected revenue increase in FY26), making it a standout in India’s IPO wave.
FAQ
What is Square Yards?
Square Yards is a Delhi NCR-based proptech startup founded in 2014, offering a full-stack platform for real estate services, including property search, financing, and interiors, with a strong presence in India and international markets.
When will Square Yards file its IPO?
The company plans to file its DRHP between December 2025 and March 2026, with a public listing targeted for FY26.
What is the size of Square Yards’ IPO?
The IPO is expected to raise INR 2,000 Cr, split equally between fresh issue and OFS, at a valuation of $1.5–2 Bn.
What are Square Yards’ financials?
In FY25, it reported INR 1,400 Cr in revenue and INR 316 Cr in gross profit, targeting INR 2,000 Cr revenue and INR 200 Cr in EBITDA for FY26.
Looking Ahead
Square Yards’ IPO is more than a financial milestone—it’s a testament to the growing influence of proptech in reshaping real estate. With founders Tanuj Shori and Kanika Gupta Shori retaining over 50% stake, the company is poised to balance innovation with control, much like Nykaa’s successful listing. As India’s startup IPO wave gains momentum, Square Yards’ global reach, diversified revenue, and tech-driven platform make it a beacon for investors and entrepreneurs alike. Follow Square Yards on X and LinkedIn for updates, and stay tuned for its journey to the stock exchange.
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Last Updated on Monday, July 7, 2025 6:37 pm by R Sampath Kumar
