Square Yards Eyes $300M IPO Fueled by Fintech Growth

Indian proptech startup Square Yards is actively preparing for a potential Initial Public Offering (IPO) valued between $250-300 million. The company is leveraging the significant growth of its fintech arm, Urban Money, as a primary driver for its public market ambitions.

In the fiscal year 2026, Square Yards reported a positive EBITDA of ₹176 crore and a revenue surge of 48% to ₹2,086 crore, marking its sixth consecutive quarter of operational profitability. The fintech business, Urban Money, now contributes nearly 60% of the company’s total revenue, surpassing its core real estate operations.

Founded in 2014, Square Yards has evolved its strategy beyond property listings to monetize customer services across multiple touchpoints. Urban Money, initially focused on home loan distribution, has expanded into a comprehensive financial services platform offering home loans, loans against property, business loans, and personal loans, with mortgage loans constituting 86% of its gross transaction value (GTV) in FY26.

The company operates as a distribution platform, partnering with over 95 banks and financial institutions rather than lending from its own balance sheet. This model has positioned Square Yards as a significant sourcing partner for major financial entities in India.

Square Yards plans to further diversify Urban Money by introducing mutual fund distribution and obtaining a license for insurance broking. The company aims for its financial services arm to become an independent distribution powerhouse.

A key element of Urban Money’s success is its network of approximately 70,000 active microentrepreneur partners, including brokers and advisors, who operate on a B2B2C model. This network has achieved a 55% attach rate for home loans, indicating that over half of the property transactions facilitated by Square Yards result in a loan taken through the company.

The company attributes its profitability to operating leverage and improved workforce productivity, which has seen a 12-15% increase in output per employee. Alongside its fintech growth, Square Yards’ real estate business generated ₹13,236 crore in GTV in FY26. The company also has international operations in the Middle East, Australia, and Canada, though these contribute only 12% to its global revenue.

Square Yards is in the process of appointing investment bankers for its planned listing, which it aims to pursue by 2027-28. The company is targeting a top-line growth of nearly 40% and aims to double its EBITDA margins from the current 8% within two years.

The company has secured over $114 million in funding from investors including Reliance Group, ADM Capital, and Bennett Coleman & Co Ltd (BCCL). Most recently, it raised $35 million from Smilegate VC at a pre-money valuation of $900 million.