This unicorn is planning a $300M IPO at $2B valuation
What's the story
Proptech unicorn Square Yards has begun preparations for an initial public offering (IPO) to raise between $200 million and $300 million. The company is in talks with Axis Capital, JP Morgan, and BofA Securities for the listing. The IPO is expected to include a combination of fresh equity and an offer for sale by existing investors. The company is targeting a valuation of around $2 billion for the public offering.
Fundraising details
Square Yards raised $95 million at a $1B valuation
The IPO news comes after Square Yards raised ₹900 crore ($95 million) at a $1 billion valuation. The funding was a mix of debt and equity, led by EAAA Alternatives with participation from global corporate credit manager Muzinich & Co. The company plans to use the new capital to strengthen its tech backend, fund expansion, and shore up its balance sheet.
Financial growth
Company reported 48% jump in FY26 revenue
Square Yards reported a 48% jump in FY26 revenue to ₹2,086 crore, while EBITDA surged 3.7 times to ₹176 crore during the same period. The company is also looking to close another $50-60 million round over the next quarter as part of its ongoing capital strategy. Since its inception, it has raised over $160 million from several investors including Smilegate, Times Group, ADM Capital, Kae Capital, and Reliance Venture Asset Management.
Business expansion
About Square Yards
Founded in 2014 by Tanuj Shori and Kanika Gupta Shori, Square Yards has evolved from a brokerage to an integrated platform offering property search, transactions, home loans, interiors, and property management. The company also operates complementary consumer brands across the real estate value chain such as Urban Money for secured mortgages, Azuro for rentals and property management services, and Interior Company for home interiors.