Integrated real estate platform Square Yards reported a GAAP revenue of Rs 670 crore in 2022-23, up 70 per cent over the previous financial year. The Gross Transaction Value (GTV) rose to Rs 22,870 crore, a 67 per cent increase year-on-year, while the number of transactions doubled in the same period.
Square Yards exceeded its FY23 forecast by 11 per cent, achieving its fastest growth year and its most profitable quarter ever. In the fourth quarter, it reported revenue of Rs 236.6 crore, up 58 per cent on year, the company said in a release.
“We had a sensational finish to the year with aggressive growth and strong profitability,” said Tanuj Shori, Founder and CEO, Square Yards.
“We are buckling up for an ambitious target of Rs 1,000-plus crore revenue and full year profitability in FY24,” he added.
The real estate services and financial services segments contributed approximately 87 per cent of the overall revenue and were profitable at the EBITDA level, delivering a contribution margin of 11 per cent.
New businesses, including home renovation, property management, fractional real estate, and metaverse solutions also witnessed strong growth, and are expected to evolve into large businesses in FY24. The company’s search and discovery portal, squareyards.com, continued to gain market share with 8 million visitors per month.