Square Yards, the online real-estate advisory platform which also has a technology-enabled transaction platform for primary real estate, has reported a strong revenue growth of 87% for the first half of the financial year despite the overall sluggishness in the real estate market.
Apart from stronger-than-expected revenues, Square Yards also announced plans to hire a workforce of 500 more people as a part of its aggressive expansion strategy. These new hires will add to its current employee base of 950 people present in 21 cities and 6 countries.
Tanuj Shori, Founder & CEO at Square Yards said in a statement,
We are looking to expand our team across functions such as sales, technology and channel development. Some of these positions will be based in our new upcoming international offices in Australia and Canada. We are looking at people with experience in insurance and FMCG sectors.
Square Yards strong revenue growth has primarily come from NRI markets and its new vertical for channel sales – Square Connect. It aggregates the demand from small brokers and hence facilitates everyone in the channel earn more commission through higher volume based slabs from the developers.
The Square Connect program — the company says — is witnessing an early success with around 100+ transactions completed during the first month of its launch. So far over 15000+ real estate brokers across 12 different cities have signed up for the Square Connect program and the company is targeting to reach 100,000 brokers by the end of FY16.
Square Yards’s success has been a stand out when compared to other investor-dependent startups in the Indian real-estate segment. Founded in late 2013, the company has been able to generate exceptional growth rates in all key business metrics, and recently crossed Rs. 100 crores in revenues with a Gross Transaction Value in excess of USD 450 Million — more than any organized online or offline real estate player in India.
The startup has scaled up its presence to 21 cities and 6 countries with an employee strength of more than 900 people.
Square Yards had, earlier this year, raised a pre-Series A round of over $6 Million from Singapore and Hong-Kong based investors. The company recently opened up an office in Qatar and had also acquired online discovery platform realizing.in