Proptech platform Square Yards has raised $35 million in fresh equity funding led by South Korea–based Smile Gate Group, with participation from existing investors. The round values the company at a post-money valuation of $935 million, marking a major step in its path toward becoming a unicorn.
Funding Snapshot and Upcoming Capital Plans
The latest investment is part of Square Yards’ broader capital strategy as it prepares for a Rs 2,000 crore IPO in 2026. According to sources, the company is in advanced talks to raise an additional $100 million from large global funds. The proposed infusion expected to be a mix of equity and debt could take the firm past the $1 billion valuation mark, making it one of India’s few proptech unicorns.
Business Model and Scale
Founded in 2014, Square Yards operates a full-stack real estate and mortgage platform covering search, discovery, transactions, home loans, interiors, rentals and property management. Its fintech arm Urban Money serves as a large loan distribution engine across housing, personal and secured lending.
Over the last 12 months, Square Yards facilitated Rs 12,000 crore worth of property transactions and Rs 66,000 crore in loans, reflecting strong demand across India’s real estate and credit markets.
Financial Performance
The company posted Rs 1,410 crore in revenue for FY25, with Rs 46 crore EBITDA. Driven by a robust real estate cycle and rising mortgage distribution volumes, Square Yards has recorded a 51% CAGR over the past four years. For the twelve months ending September 2025, revenue rose to Rs 1,670 crore, while EBITDA grew sharply to Rs 120 crore a key indicator of improving profitability ahead of its planned listing.
Market Context
Square Yards competes with NoBroker, India’s first proptech unicorn, as the sector sees renewed investor interest driven by digital adoption and housing demand.
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