Property search aggregator Square Yards raises $10 mn

Square Yards

Square YardsGurgaon-based property search aggregator Square Yards Consulting Pvt. Ltd, has raised $10 million from the Lohia Group and Andre Hoffman, the chief executive of cosmetics company L’Occitane.

The company will use the funds to expand into newer international geographies and also strengthen its existing distribution network in over 10 countries, the company said in a statement.

The investment was made in the form of convertible notes. These are issued for a fixed term at a pre-determined coupon rate and with an option to convert into equity (at a discount) on reaching the next funding milestone.

The new funding round comes barely two months after the company had secured Rs 80 crore ($12 million) from the private equity arm of billionaire Anil Ambani’s Reliance Group.

In May 2015, the company had raised $6 million (Rs 32 crore) in a pre-Series A round of funding from a clutch of unnamed investors.

“For this latest investment round, we reached out to our own set of real estate clients in international locations through our NRI sales teams. Majority of these new funds have been invested by our existing clients,” said Kanika Gupta Shori, founder and chief operating officer, Square Yards.

Founded in 2013 by husband-wife duo of Tanuj Shori and Kanika, Square Yards offers solutions for property-related needs. It caters to residential and hotel projects, student accommodation and mall redevelopment.

The company claims to have crossed $1 billion in gross transactional value (GTV) in terms of total value of properties sold on its platform. It also claims net revenue run rate of $1.5 million – $2 million per month.

In other deals in the real estate sector, online real estate brokerage and property listing portal announced a merger earlier this week. The combined entity received fresh funding of $55 million from their main investors.