PropTech Startup Square Yards has raised $25 million (INR 185 crore) as debt from Hong Kong-based ADM Capital. To date, Square Yards has raised total funding of $50 million in equity and $50 million in debt financing, since its inception in 2014.
In September 2019, Square Yards raised $20 million equity capital from a clutch of investors including Times Group, Genkai Capital, Founders of PropertyGuru — Steve Melhuish and Jani Rautiainen; Koh Boon Hwee ex-Chairman Singtel and DBS. Anil Ambani-led Reliance group’s private equity arm had also invested $12 million in Square Yards, back in 2016.
The Delhi-NCR-based firm will use the capital to expand and invest in various verticals across the value chain. A senior company official that the funds were raised in form of ‘venture debt’. There is no change in the equity shareholding structure of Square Yards.
ADM Capital is a global investment manager with $2.4 billion assets under management across the Asia Pacific and Europe. This capital infusion serves as the first tranche of the company’s ongoing plan of larger growth capital raise of over $100 million in the near term.
To expand its services, Square Yards has recently acquired platform capabilities in rentals/property management, data intelligence and VR space. It has launched its full-service platform offering home furnishing and home interior services.
Tanuj Shori, Founder and CEO of Square Yards, said, “We have been fairly capital-efficient since inception with a clear focus on delivering high ROI. With significant operational benchmarks met over the last 12 months, like profitability and pilot success of new initiatives like rental and property management, home interiors, etc, we believe we are now at cusp of an accelerated growth curve.”
Square Yards offers full-stack digital real-estate journeys from search and discovery, transactions, mortgages, home interiors, rentals, property management, and post-sales services. It also offers B2B SaaS services to real estate agents, property developers, banks, and other financial institutions. Square Yards posted a 17 per cent increase in revenue at INR 348.8 crore last fiscal from India and overseas business.