Proptech unicorn Square Yards has engaged bankers to raise about $200-300 million through an initial public offering (IPO) over the next financial year, two people familiar with the matter said.
The company is in discussions with Axis Capital, JP Morgan, and BofA Securities to help with the listing, which will likely feature a mix of fresh equity and an offer for sale by current investors, they added. “The company is seeking a valuation of about $2 billion for the public offering,” one of these people said.
Square Yards, BofA Securities and JP Morgan declined to comment while Axis did not respond to Mint’s requests for comment.
Unicorn round
The development comes a few days after the integrated real estate and platform concluded a ₹900 crore ($95 million) fundraise at a $1 billion valuation. The capital was a mix of debt and equity and was anchored by EAAA Alternatives, with participation from global corporate credit manager Muzinich & Co.
The company, which operates across India, the UAE, Australia, and Canada, plans to use the new capital to strengthen its technological backend, fund expansion, and shore up its balance sheet. The proptech firm reported a 48% surge in FY26 revenue to ₹2,086 crore, while Ebitda jumped 3.7 times to ₹176 crore during the same period.
Square Yards is also looking to close another $50-60 million round over the next quarter as part of its ongoing capital strategy, the company said in a statement last week. Since inception, it has raised over $160 million from several investors including Smilegate, Times Group, ADM Capital, Kae Capital and Reliance Venture Asset Management, according to Tracxn data.
India’s has recently been buoyed by rapid urbanization, an expanding middle class, and robust regulatory frameworks. The mortgage market is also expanding rapidly as homeownership shifts toward younger buyers. With property transactions increasingly moving online, integrated platforms like Square Yards are looking to capitalize on these tailwinds.
Integrated ecosystem
Founded in 2014 by Tanuj Shori and Kanika Gupta Shori, the Gurugram-based company has transitioned from a primary brokerage to a fully integrated ecosystem offering services across property search, transactions, home loans, interiors, and property management.
Beyond its core brokerage and transactions business, the company operates a portfolio of complementary consumer brands across the real estate value chain. These include Urban Money, a marketplace for secured mortgages and lending solutions; Azuro, which offers rentals and property management services; and Interior Company, its fully owned home interiors and modular furnishing subsidiary.
Square Yards group also runs technology-led B2B platforms, including 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. Broadly, it competes with players such as ANAROCK, PropTiger, Magicbricks, 99acres, Housing.com, NoBroker, Paisabazaar, and HomeLane across various categories.