A senior company official said the fundraising is in the form of “venture debt”. There is no change in equity shareholding structure of Square Yards. ADM Capital is a global investment manager with $2.4 billion in assets under management across Asia Pacific and Europe.
With this, the company has received $100 million in equity and debt equally since inception in 2014. Anil Ambani-led Reliance Group’s private equity arm had invested $12 million in November 2016. In September 2019, Square Yards raised $20 million equity capital from a clutch of investors including the Times Group, Genkai Capital, PropertyGuru founders Steve Melhuish and Jani Rautiainen, and Singtel and DBS’s former chairman Koh Boon Hwee.
The fresh capital—part of a larger $100-million funding round—will be used for expansion and investment across business verticals. To expand its services, Square Yards recently acquired platform capabilities in rentals/property management, data intelligence and VR space. It has launched its full-service platform offering home furnishing and home interior services.
According to Tanuj Shori, founder and chief executive of Square Yards, the company has been fairly capital efficient since inception with a clear focus on delivering high return on investment. “With significant operational benchmarks met over the last 12 months—like profitability and pilot success of new initiatives like rental and property management, home interiors, etc.—we believe we are now at cusp of an accelerated growth curve,” he said.
Square Yards offers full stack digital real-estate journey from search and discovery, transactions, mortgages, home interiors, rentals, property management and post-sales services. It also offers B2B SaaS services to real estate agents, property developers, banks and other financial institutions. It posted a 17% increase in revenue at Rs 348.8 crore last fiscal from India and overseas business.