Square Yards Business Model Across Property Deals and Home Loans
How Square Yards earns from home sales, home loans and home services.
Key Takeaways
- FY26 revenue rose 48% to ₹2,086 crore from ₹1,410 crore.
- FY26 adjusted EBITDA was ₹176 crore, an 8% margin.
- Fintech was 69% of Q1 FY27 revenue, proptech 31%.
- Urban Money helped disburse ₹87,831 crore of loans in FY26.
Table of Contents 12 sections
- Square Yards at a glance
- What Square Yards does
- How the Square Yards business model makes money
- Square Yards revenue model and revenue mix
- Square Yards Business Model Canvas
- Square Yards revenue and earnings
- Key operating numbers
- Square Yards journey so far
- Who Square Yards competes with
- Challenges Square Yards faces
- Conclusion on the Square Yards business model
- FAQs
The Square Yards business model is built around one idea: earn a fee at every step of buying a home. Square Yards helps people find and buy a property, arranges the home loan through its fintech arm Urban Money, and then sells interiors, rentals and property management services to the same customer.
In FY26 (April 2025 to March 2026), Square Yards reported revenue of ₹2,086 crore, up 48% from a year earlier, and adjusted EBITDA of ₹176 crore, an 8% margin. In June 2026 it raised ₹900 crore in debt and equity, and the round valued it at more than $1 billion.
Square Yards at a glance
| Item | Details |
|---|---|
| What it does | Property sales, home loans, rentals, interiors and property management |
| Founded | 2014, headquartered in Gurugram |
| Founders | Tanuj Shori (founder and CEO) and Kanika Gupta Shori |
| FY26 revenue | ₹2,086 crore, up 48% |
| FY26 adjusted EBITDA | ₹176 crore, 8% margin |
| Latest quarter (Q1 FY27) | Revenue ₹628 crore, EBITDA ₹20 crore |
| Scale in FY26 | ₹87,831 crore of loans disbursed and ₹13,236 crore of homes transacted through the platform |
| Valuation | More than $1 billion after the ₹900 crore round in June 2026 |
| Listing status | Unlisted, preparing for an IPO |
What Square Yards does
Square Yards runs a property platform with a website and an app. A buyer can search for a new or resale home, get help closing the deal, apply for a loan, and later hire the company to design the interiors or to rent out and manage the property.
India brought in 88% of its FY26 revenue. The rest came from the Gulf (GCC) and other markets abroad, including the UAE, Australia and Canada.
How the Square Yards business model makes money
Square Yards earns in two broad ways, which it reports as fintech and proptech.
Fintech, loans through Urban Money
Urban Money connects borrowers with banks and other lenders and earns on the loans it helps disburse. In FY26 it helped disburse ₹87,831 crore of loans, and 86% of that amount was mortgages (home loans). The rest was business loans, personal loans and other credit.
Proptech, property deals and home services
The proptech side earns from property transactions and from services around the home. In FY26 homes worth ₹13,236 crore were transacted through Square Yards. It also designed 1,840 homes during the year and had 3,719 properties under management.
Square Yards revenue model and revenue mix
Fintech is now the larger part of the business. In Q1 FY27 (April to June 2026), fintech made up 69% of the ₹628 crore revenue and proptech the other 31%.
Square Yards Business Model Canvas
The canvas below sums up who Square Yards serves, what it offers and where its revenue and costs come from.
Square Yards revenue and earnings
Revenue crossed ₹1,000 crore in FY24. It rose 41% to ₹1,410 crore in FY25 and 48% to ₹2,086 crore in FY26. Revenue in India grew 57% in FY26.
Gross profit and EBITDA are much smaller than revenue. In FY26 gross profit was ₹476 crore (a 23% margin), segmental EBITDA was ₹314 crore (15%) and adjusted EBITDA was ₹176 crore (8%), up from a 3% margin in FY25.
Key operating numbers
In FY26 Square Yards acquired more than 2.7 lakh customers.
Q1 FY27 revenue rose 66% to ₹628 crore from ₹378 crore a year earlier, and the EBITDA margin moved from 1% to 3%.
Square Yards journey so far
| When | What happened |
|---|---|
| 2014 | Founded by Tanuj Shori and Kanika Gupta Shori |
| FY24 | Revenue crossed ₹1,000 crore |
| November 2025 | Raised $35 million in a round led by Smilegate, at a pre-money valuation of $900 million |
| FY26 | Revenue of ₹2,086 crore and adjusted EBITDA of ₹176 crore |
| June 2026 | Raised ₹900 crore in debt and equity, anchored by EAAA Alternatives with Muzinich and Co, at a valuation above $1 billion |
| Q1 FY27 | Quarterly revenue of ₹628 crore, up 66% |
Who Square Yards competes with
Square Yards competes with property platforms such as NoBroker, MagicBricks and 99acres.
Challenges Square Yards faces
- Fintech was 69% of revenue in Q1 FY27, and proptech 31%.
- April to June is usually its weakest quarter, because real estate activity is muted in that period.
- India brought in 92% of Q1 FY27 revenue.
- It is still unlisted. The company has said it is preparing for an IPO.
Conclusion on the Square Yards business model
Square Yards helps people buy, fund, furnish and manage homes, and it earns a fee at each of those steps. It reaches customers through its website, app and agent partners, and it earns on loans it helps disburse and from property deals and home services.
Loans arranged through Urban Money now bring in most of its revenue, 69% in Q1 FY27. FY26 revenue was ₹2,086 crore with adjusted EBITDA of ₹176 crore, and the company stays unlisted after a June 2026 round that valued it at more than $1 billion.
