Tanuj Shori and Kanika Gupta founded Square Yards in 2014, building one of India's leading PropTech companies through real estate, mortgages, interiors, and rental management services.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy.
Table of Contents
- Quick Facts
- Introduction
- The Square Yards Story
- Business Model
- How Square Yards Makes Money
- Funding History
- Revenue and Performance
- Key Takeaways
- FAQs
- Sources
Quick Facts
Tanuj Shori: Co-founder and CEO, MBA graduate. Kanika Gupta Shori: Co-founder and COO. Founded: 2014. Company type: Integrated real estate and fintech platform. Valuation: $1 billion (June 2026). Status: India’s second PropTech unicorn. Revenue: Rs 2,086 crore (FY26, 48% YoY growth).
Introduction
Tanuj Shori and Kanika Gupta founded Square Yards in 2014 with vision to integrate all aspects of property ownership. Starting with primary residential sales targeting non-resident Indians in the Persian Gulf, the platform expanded into mortgages (Urban Money), home interiors (Interior Company), and rental management (Azuro). Square Yards raised $95 million across 9 funding rounds, achieving unicorn status in June 2026 at $1 billion+ valuation. The company reported Rs 2,086 crore revenue in FY26 with Rs 176 crore EBITDA, demonstrating strong profitability. Square Yards operates across India, UAE, Australia, and Canada with 50+ customers and 90+ resellers. This profile covers Shori and Gupta’s journey building integrated real estate and fintech ecosystem.
The Square Yards Story
Tanuj Shori and Kanika Gupta recognized that property buyers faced fragmentation: separate platforms for property search, mortgages, interiors, and management. In 2014, they launched Square Yards targeting affluent NRI segment purchasing properties in Gulf countries. This geographic arbitrage proved strategic, generating early profitability.
Between 2016-2019, the company expanded into mortgage aggregation through Urban Money, partnering with 150+ banks and NBFCs. This marketplace approach avoided capital requirements while generating high-margin commission revenue. During COVID-19 (2020-2023), Square Yards acquired Interior Company and Azuro, extending customer journeys into recurring revenue relationships.
By 2024, the company had evolved into integrated platform spanning property transactions, mortgages, interiors, and rental management. The company launched PropVR, AI-powered 3D visualization for immersive property experiences. In November 2025, Smilegate Group invested $35 million at $935 million valuation. In June 2026, EAAA Alternatives and Muzinich & Co. invested $95 million achieving unicorn status.
Business Model
- Property search and transaction facilitation
- Urban Money mortgage marketplace (150+ lender partnerships)
- Interior Company home design and implementation
- Azuro rental property management platform
- PropVR AI-powered virtual tours
- Edge SaaS platform for real estate agents
- Data analytics and market insights
How Square Yards Makes Money
- Property transaction commissions
- Mortgage marketplace revenue (Rs 87,831 cr FY26 disbursals)
- Home interiors project margins
- Rental management subscriptions
- SaaS platform subscriptions
- Professional services and consulting
Funding History
| Round | Year | Amount | Lead Investors |
|---|---|---|---|
| Pre-Series A | 2015 | $6M | Singapore/Hong Kong VCs |
| Series A | 2016 | $10M | Various investors |
| Series B | 2017 | $20M | Reliance VC, Genkai |
| Series C | 2019 | $20M | Bennett Coleman |
| Series E | 2025 | $35M | Smilegate Group |
| Series F | 2026 | $95M | EAAA, Muzinich & Co. |
Square Yards raised $95 million+ achieving $1 billion+ valuation in June 2026.
Revenue and Performance
- FY26 revenue: Rs 2,086 crore (48% YoY growth)
- FY26 EBITDA: Rs 176 crore (3.7x growth)
- FY25 revenue: Rs 1,410 crore
- Gross profit: Rs 476 crore (FY26)
- EBITDA margin: 8% (FY26, up from 3% FY25)
- Five-year CAGR: 53%
- Urban Money disbursals: Rs 87,831 crore
Key Takeaways
- Founded 2014 to integrate all property ownership aspects
- Achieved unicorn status in June 2026 with $1B+ valuation
- Raised $95 million becoming India’s second PropTech unicorn
- FY26 revenue: Rs 2,086 crore with 48% YoY growth
- Urban Money facilitated Rs 87,831 crore loan disbursals
- Expanded EBITDA margin from 3% to 8% demonstrating profitability
- Operating across India, UAE, Australia, Canada
- 50+ direct customers with 90+ resellers
- Planned Rs 2,000 crore IPO in 2026-27
FAQs
Who founded Square Yards?
Tanuj Shori (CEO) and Kanika Gupta Shori (COO) founded Square Yards in 2014.
When was Square Yards founded?
Square Yards was founded in 2014 with initial focus on NRI and primary sales.
What is Square Yards’ current valuation?
$1 billion+ as of June 2026 following Series F funding.
How much funding did Square Yards raise?
$95 million+ across 9 funding rounds achieving unicorn status.
What is Urban Money?
Square Yards’ mortgage marketplace connecting borrowers with 150+ banks and NBFCs. FY26 disbursals reached Rs 87,831 crore.
What is PropVR?
AI-powered 3D visualization and virtual reality tool enabling immersive property experiences.
How many users does Square Yards have?
50+ direct customers and 90+ reseller partners across major geographies.
Is Square Yards planning an IPO?
Yes, planned Rs 2,000 crore IPO in 2026-27 at $2 billion+ valuation.
Why is Square Yards profitable?
Integration of high-margin mortgage commissions, interior design margins, and SaaS subscriptions creates diversified revenue base with strong unit economics.
What makes Square Yards different from NoBroker?
Square Yards focuses on integrated ecosystem (mortgages, interiors, rentals) versus NoBroker’s C2C marketplace model.
Sources
- Tracxn: https://tracxn.com/d/companies/square-yards/
- Business Standard: https://www.business-standard.com/companies/start-ups/
- StartupTalky: https://startuptalky.com/news/square-yards-enters-unicorn-club/
©️ The Founder Nation | Written by TFN Research Desk
