- Square Yards raised Rs 900 crore to grow business and refinance debt
- Funding includes one-third equity and two-thirds debt at over $1 billion valuation
- Company plans to launch its maiden public issue and prepare for an IPO
Real estate consultant Square Yards on Tuesday said it has raised Rs 900 crore from investors to grow its business and refinance debt.
Sources said the Rs 900 crore (USD 95 million) funding includes around one-third equity and two-thirds debt, at a valuation of more than USD 1 billion, thereby helping the company achieve unicorn status.
The company, primarily engaged in housing and home loan brokerage, has also announced plans to launch its maiden public issue. The latest round, anchored by EAAA Alternatives, saw participation from global corporate credit manager Muzinich & Co.
The funding will strengthen the balance sheet, fuel further expansion and strengthen technological infrastructure, Square Yards said, adding that the company is preparing to launch an Initial Public Offering (IPO).
Square Yards noted that the equity fund was raised at a valuation higher than its previous round.
In December last year, the company raised USD 35 million from investors at a valuation of USD 900 million. Since its inception, it has raised USD 150 million in equity.
Square Yards founder and CEO Tanuj Shori said, "This significant capital raise from such esteemed institutional partners is a profound validation of our resilient business model and our relentless pursuit of revolutionising the real estate ecosystem."
He highlighted that the company has, over the years, established a profitable, scalable and fully integrated platform.
"As we gear up for our upcoming IPO, this capital raise will provide us with the strategic firepower to accelerate our market expansion, deepen our technological moats, and continue delivering exceptional value to our customers and stakeholders," Shori said.
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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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