Square Yards announces $35 million fundraise; nearing unicorn status

Square Yards, a real estate platform, has raised $35 million in a round led by South Korea–headquartered venture capital firm Smile Gate Group, securing a pre-money valuation of $900 million. Existing investors also participated in the round, according to the report. The company is also in advanced discussions to raise a further $100 million through a mix of debt and equity from large private equity investors—an upcoming round that is expected to push Square Yards into the unicorn club.

The company is simultaneously preparing for a Rs 2,000 crore IPO planned for CY 2026, marking one of the most anticipated listings in the proptech space. Founded by CEO Tanuj Shori, Square Yards operates a deeply integrated platform covering the end-to-end real estate and mortgage value chain. Its fintech arm, Urban Money, facilitates home loans and financial products.

Square Yards reported FY25 revenue of Rs 1,410 crore, up from Rs 1,004 crore in FY24, delivering a 50% CAGR over the past four years. EBITDA for FY25 stood at Rs 46 crore, with gross profit rising 52% to Rs 316 crore. For the trailing twelve months ending September 2025, revenue reached Rs 1,670 crore with EBITDA of Rs 120 crore.