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Square Yards revenue up by 87 percent

New Delhi: Square Yards, a technology enabled transaction platform for real estate, has reported a strong revenue growth of 87 percent for the first half of the financial year despite the overall sluggishness in the real estate market.

A real estate platform with maximum focus on the NRI populace, the company plans to hire a workforce of 500 people by the next year to add to its current employee base of 950 people in 21 cities and 6 countries.

“We are looking to expand our team across functions such as sales, technology and channel development. Some of these positions will be based in our new upcoming international offices in Australia and Canada. We are looking at people with experience in insurance and FMCG sectors,” said Tanuj Shori, Founder and CEO, Square Yards.

At a time when some of the online real estate startups have started laying off their employees, Square Yards is coming up strong with an intention to hire more people to bolster various functions such as sales, technology and channel development.

Owing to the remarkable success of Square Connect, the company attributes robust revenue growth mainly to NRI markets. The company aggregates the demand from small brokers and help all in the channel earn more commission from the developers through higher volume based slabs.

An early witness to success, Square Connect has completed around 100+ transactions during the first month of its launch. So far over 15000+ real estate brokers across 12 different cities have signed up for the Square Connect program and the company is targeting to reach 100,000 brokers by the end of FY16.

Beating the neck to neck competition, Square Yards has been quietly working behind the scenes by focusing on real business metrics that includes revenues, profitability and market share.

Founded in late 2013, and headquartered in Gurgaon, Square Yards has been able to generate exceptional growth rates in all key business metrics.

“We are really happy that Square Yards has crossed Rs. 100 crores in revenues with a Gross Transaction Value in excess of USD 450 mn, more than any organized online or offline real estate player in India,” said Principal Partner, Vivek Agarwal. (ANI)