Proptech unicorn Square Yards engages bankers for $300-mn IPO

Square Yards, the proptech unicorn founded in 2014 by Tanuj Shori and Kanika Gupta Shori, has engaged investment banks to raise roughly $200–300 million through an initial public offering in the next financial year, people familiar with the matter said. The Gurugram-based integrated real estate and mortgage platform is in discussions with Axis Capital, JP Morgan and BofA Securities to manage the listing, which is expected to include a mix of fresh equity and an offer for sale by existing investors. The company is targeting a valuation of about $2 billion for the public offering.

Direct quote

“The company is seeking a valuation of about $2 billion for the public offering,” one of the people familiar with the matter said.

Context and recent funding

The IPO move follows a recent ₹900 crore (approximately $95 million) fundraising that valued Square Yards at $1 billion. That round, described by the company as a mix of debt and equity, was anchored by EAAA Alternatives with participation from global corporate credit manager Muzinich & Co. In a corporate statement last week, Square Yards said it plans to use the fresh capital to strengthen its technological backend, fund expansion and shore up its balance sheet.

Financially, the firm reported a 48% increase in FY26 revenue to ₹2,086 crore, and EBITDA rose 3.7 times to ₹176 crore over the same period. The company also said it is looking to close another $50–60 million round over the next quarter as part of its ongoing capital strategy.

Business model and assets

Square Yards has evolved from a primary brokerage into a fully integrated ecosystem with services that span property search, transactions, home loans, interiors and property management. It operates across India, the UAE, Australia and Canada.

• Consumer brands: Urban Money (marketplace for secured mortgages and lending solutions), Azuro (rentals and property management), and Interior Company (fully owned home interiors and modular furnishing subsidiary).
• Technology platforms: a data intelligence platform for property valuation and title search, and PropVR, an AI-powered tool for immersive 3D, virtual and augmented reality property experiences.

Since inception, Square Yards has raised over $160 million from investors including Smilegate, Times Group, ADM Capital, Kae Capital and Reliance Venture Asset Management, according to Tracxn data. The company competes across multiple categories with firms such as ANAROCK, PropTiger, Magicbricks, 99acres, Housing.com, NoBroker, Paisabazaar, Livspace and HomeLane.

Outlook

If Square Yards completes the planned $200–300 million float at its $2 billion target valuation, it would mark a significant step up from the $1 billion valuation tied to its recent ₹900 crore fundraising. The proposed mix of fresh equity and offer-for-sale will give existing backers an exit route while providing the company with capital to accelerate technology upgrades and geographic expansion. Ongoing market trends—growing digital adoption in property transactions and an expanding mortgage market—offer potential tailwinds, but execution on margin improvement and sustained revenue growth will be key as Square Yards prepares for a public debut.