Proptech Startup Square Yards enters unicorn club with $95 Mn funding round

Real estate and mortgage platform Square Yards has raised Rs 900 crore (around $95 million) in a funding round comprising a mix of debt and equity, taking its valuation past $1 billion and making the firm a unicorn. The round included participation from EAAA Alternatives and global corporate credit manager Muzinich & Co. and is one of the largest capital raises by an Indian proptech startup in recent years. Company founders are Tanuj Shori and Kanika Gupta.

"The funding round is one of the biggest raised by an Indian proptech startup in the past five years," sources said.

The fresh capital comes seven months after Square Yards raised $35 million from South Korea-based Smilegate Group, a transaction that valued the company at $935 million at that time. With the latest infusion, the company has crossed the $1 billion threshold and is now preparing for the next stage of growth. Sources said Square Yards is also planning to raise an additional $50–60 million in the next quarter as it prepares to go public through an IPO.

Business model and expansion

Founded by Tanuj Shori and Kanika Gupta, Square Yards operates a diversified real estate services platform that spans property buying and selling, home loans, rentals, interior design and property management. The company operates across India, the UAE, Australia and Canada.

• Mortgage platform: Urban Money
• Rental and property management: Azuro
• Home interiors brand: Interior Company

Square Yards' strategy has been to expand beyond core brokerage to build complementary verticals across the property lifecycle. The company positions its mortgage, rental and interiors businesses as adjacent revenue streams that together create a broader customer proposition and improve lifetime value per user.

Details of the round and investors

The Rs 900 crore round was structured as a mix of debt and equity, enabling the firm to shore up its balance sheet while also fueling growth initiatives. EAAA Alternatives participated in the financing alongside Muzinich & Co., a global corporate credit manager. The involvement of debt-focused investors reflects a shift in later-stage proptech financing where hybrid instruments are being used to balance dilution and growth capital needs.

Seven months earlier, Smilegate Group's $35 million investment had brought Square Yards close to the billion-dollar mark with a $935 million valuation. The new financing clears that hurdle and places the company in the unicorn club as it pursues further capital and the public listing roadmap.

Outlook

With fresh funding and a reported plan to raise an additional $50–60 million ahead of an IPO, Square Yards is positioning itself for rapid scaling across its geographies and verticals. The company will likely use proceeds to deepen its mortgage and rental offerings, expand technology and operations in overseas markets, and accelerate growth at Urban Money, Azuro and Interior Company.

How the firm balances continued expansion with profitability and the timing of a public debut will be watched closely by investors and competitors in the regional proptech space.