What the business is
Indian proptech group selling real estate services and, through Urban Money, distributing home loans and other financial products.
The bet
Keeping brokers in the loop and cross-selling loans to the customer beats rivals' pitch of removing brokers.
Starting capital
More than $114M raised from investors including Reliance Group, ADM Capital and BCCL, plus $35M from Smilegate VC at a $900M pre-money valuation.
How it started
Founded in 2014 by Tanuj Shori and Kanika Gupta Shori, Square Yards competes with NoBroker, MagicBricks and 99acres. Urban Money began as a home-loan distribution business.
What happened
Urban Money grew into home loans, loans against property, business loans and personal loans, partnering with 95+ banks and NBFCs and about 70,000 active broker, agent and advisor partners. Unsecured loans are about 15% of its gross transaction value, and mutual funds and insurance broking are planned.
How it ended up
Per the CFO, FY26 revenue rose 48% to Rs 2,086 Cr with Rs 176 Cr positive EBITDA, six straight profitable quarters, and about 60% of revenue from loan origination. The company is appointing bankers for a $250-300M IPO aimed at 2027-28.
What has to be true
Loan distribution brought a large revenue stream tied to the same customers who buy or sell property.
Operating leverage and a 12-15% workforce productivity gain, Bothra said, drove the move to profitability.
Broker partners are central to both loans and the high-margin real estate business, so Square Yards keeps them.
What can be applied
When the listing business is a front door, the loan attached to each sale can become the main revenue line; keeping brokers in the loop builds that distribution.
Aftermath
As of 8 May 2026, Square Yards was targeting nearly 40% revenue growth and doubling its 8% EBITDA margin, planning mutual fund distribution and an insurance-broking licence, and engaging bankers before choosing an IPO structure.
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