On Monday, the leading Indian Real estate advisory firm Square Yard Consulting has raised $6 million in pre-series A round of funding from investors based in Singapore and Hong Kong. The name of the investors have not been revealed.
Founder of Square Yard, Tanuj Shori said, “Currently, we are in the process of creating our own e-commerce portal to assist the intelligent Indian investor, both foreign and domestic, about real estate in considerably less time. Our investors are extremely happy with our performance and we will be using the money to expand our business further in terms of our presence in newer geographies, using advance technologies.”
Founded in late 2013, the startup provides solution to those with property related queries and those on hunt for property in both foreign and local. It products range from student accommodation to residential projects and from hotels and malls to factories. It has assisted in real estate transactions about the worth of $250 million for India and $50 million for global real estate in just a year of its conception. The unstructured, fragmented, lack of available information in the Indian market makes it very difficult for a NRI to invest in a property. Realization of this gave way to the birth of the company, says the founder Shori.
One of the biggest value added service the startup does to its customers is that it assigns a unique relationship manager who handles the client throughout the process. The company works on the client-centric investment approach towards real estate, taking in the aspects like risk appetite, liquidity profile, time horizon and price-competitiveness.
Square Yards has earned revenues worth INR 38 crore in its first year of operations. Sources suggest the value of the company to be somewhere around $40 to $50 million with its presence in many NRI markets like UAE, Singapore, UK, Hong Kong and USA. With the recent funding the company has planned to expand and claims it would be able to capture a significant portion of the Indian primary real estate market in the coming years.