Square Yards Raises $35 Mn, Eyes Unicorn Tag Amid Ipo Preparations

IPO-bound proptech startup Square Yards has raised $35 Mn (about INR 312 Cr) in a funding round led by South Korea-based Smilegate VC, with participation from existing investors, sources told Inc42. 

The Delhi NCR-based startup raised the funds at a pre-money valuation of $900 Mn, the sources added. 

Square Yards is also in advanced discussions with a few funds to raise an additional $100 Mn in a mix of equity and debt at a post-money unicorn valuation, which will mark its entry into the coveted club, the sources added.

The development was first reported by VCCircle. Inc42 has reached out to Square Yards for comments on the development. The story will be updated on receiving a response. 

Notably, Square Yards is currently preparing for INR 2,000 Cr IPO next year. In July, Inc42 reported that Square Yards was planning to file its DRHP between December 2025 and March 2026. 

Square Yards’ IPO will likely comprise a fresh issue of shares and OFS of equal sizes. The founders of the startup will continue to hold more than 50% stake post its public listing. 

Founded in 2014 by husband-wife duo Tanuj Shori and Kanika Gupta Shori, Square Yards offers end-to-end real estate solutions, including property search, financing, home interiors and property management. The startup serves all the stakeholders of the real estate industry – from buyer, owner and tenants to agents and builders. 

Besides India, Square Yards also operates in international markets like the Middle East, Australia, and Canada. 

Earlier this month, Square Yards said it posted a revenue of INR 1,409.9 Cr in FY25. Of this, INR 1,268.9 Cr came from its India business, while overseas markets raked in the remaining. The startup said its EBITDA stood at INR 45.8 Cr during the year.

Meanwhile, it claimed its H1 FY26 revenue zoomed 44% YoY to INR 833.2 Cr, while it posted an EBITDA profit of INR 23 Cr as against an EBITDA loss of INR 49 Cr in the year-ago period.

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