Square Yards, the Gurugram-based real estate and mortgage platform has raised Rs 900 crore (approx. $95 million), in a round comprising a mix of debt and equity, pushing its valuation past $1 billion and formally inducting it into India’s unicorn club.
The round was anchored by EAAA Alternatives, with participation from global corporate credit manager Muzinich & Co. It ranks among the largest fundraises by an Indian proptech company in the last five years, a signal that institutional capital is willing to back real estate technology at scale, even in a funding environment that has been selective about new entrants.
The timing is telling. This is a pre-IPO war chest, with reports indicating Square Yards is looking to raise an additional $50 to 60 million over the next quarter as it prepares for a public listing. This suggests the company is now building the balance sheet and governance discipline that public markets demand, rather than simply burning cash for market share and growth at any cost.
Founded by Tanuj Shori and Kanika Gupta, Square Yards operates across property transactions, home loans, rentals, interiors, and property management, with a footprint spanning India, the UAE, Australia, and Canada. That breadth has become the company’s defining feature. Rather than positioning itself as a brokerage with side businesses, Square Yards has built an integrated real estate value chain, and the numbers suggest that strategy is paying off.
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Revenue grew 48 percent year on year to Rs 2,086 crore in FY26, while EBITDA jumped 3.7 times to Rs 176 crore. EBITDA margin expanded to 8 percent from 3 percent the previous year, a meaningful improvement that will matter to public market investors scrutinising the path to sustainable profitability ahead of any listing.
Within the group, Urban Money, the mortgage marketplace, has emerged as the standout growth engine. The platform facilitated loan disbursals worth Rs 87,831 crore in FY26, routed through partnerships with more than 150 banks and NBFCs. Alongside Urban Money sit Azuro, the rental and property management platform, and Interior Company, the home interiors brand, rounding out a portfolio designed to monetise a customer at every stage of the property lifecycle, not just at the point of transaction.
Tanuj Shori, founder and CEO, framed the round as validation of that integrated model, one he expects will accelerate expansion, strengthen technology capabilities, and support IPO preparations.
This is also the second large raise in under a year. Square Yards had previously secured $35 million from South Korea’s Smilegate Group at a $935 million valuation just seven months earlier. The gap between that valuation and today’s billion-dollar mark, closed in well under a year, reflects both the underlying business momentum and investor appetite for proptech bets with a credible path to public markets.
Square Yards now joins a small cohort of Indian proptech firms to reach unicorn status, arriving at a moment when real estate and housing finance in the country are seeing strong demand and accelerating digitisation. For an industry long associated with fragmented, offline transactions, that combination of scale, profitability, and now unicorn status makes Square Yards a bellwether for how far proptech has come, and how seriously the IPO pipeline behind it should be taken.
