Square Yards enters unicorn club with $95 Mn funding round
Square YardsCompany
EAAA AlternativesInvestor
MuzinichInvestor
Square Yards secured a Rs 900 crore (≈US$95 million) mixed debt‑equity round anchored by EAAA Alternatives with Muzinich & Co. participation, pushing its post‑money valuation past $1 billion and granting it unicorn status. The capital will fund geographic expansion, technology upgrades and the company’s planned IPO.
Square Yards entered the unicorn club on June 23, 2026 after closing a Rs 900 crore (≈US$95 million) financing round that combines debt and equity. The infusion, anchored by alternative‑asset manager EAAA Alternatives and joined by global credit manager Muzinich & Co., values the Gurugram‑based proptech platform at over $1 billion.
Deal Terms
The round’s structure blends senior debt with growth‑stage equity, a hybrid that reflects Square Yards’ mature revenue profile and its appetite for rapid scaling. While the exact debt‑to‑equity split was not disclosed, the lead investor EAAA Alternatives is expected to provide the bulk of the capital, with Muzinich contributing a minority tranche. The company also hinted at a follow‑on raise of $50‑60 million at a similar $1.6 billion valuation as it readies for an initial public offering.
Business Context
Square Yards reported a 48% year‑on‑year revenue increase to Rs 2,086 crore in FY26, while EBITDA surged 3.7‑fold to Rs 176 crore, lifting the EBITDA margin to 8% from 3% a year earlier. The firm’s mortgage marketplace, Urban Money, disbursed loans worth Rs 87,831 crore in the same fiscal year, underscoring the platform’s role as a financing conduit across more than 150 banking partners. The capital raise follows a $35 million round led by Smilegate Group that placed the company at a $935 million valuation seven months earlier.
The new funding is earmarked for scaling Square Yards’ integrated services—brokerage, home‑loan origination, rentals, interiors and property management—across its existing footprints in India, the UAE, Australia and Canada. Management cites the raise as a catalyst to accelerate technology development, deepen market penetration and solidify the balance sheet ahead of a public listing.
Industry observers note that the round ranks among the largest Indian proptech fundraises in the past five years, signaling robust investor appetite for SaaS‑enabled real‑estate platforms that can capture both transaction fees and recurring financing revenue streams.
Why It Matters
For Square Yards, the unicorn‑level valuation validates its multi‑vertical SaaS model and provides the runway to outpace domestic rivals such as NoBroker and Housing.com, which remain privately held at lower valuations. The infusion of debt capital also improves the firm’s leverage profile, allowing it to fund technology upgrades without diluting existing shareholders ahead of the IPO.
Competitors will feel pressure to demonstrate comparable revenue growth and EBITDA expansion, especially as lenders increasingly favor platforms that can bundle brokerage with loan origination. The added liquidity may also enable Square Yards to accelerate cross‑border expansion, potentially reshaping the competitive dynamics in markets like the UAE and Australia where local proptech players are still fragmented.
Key Points
- Square Yards raised Rs 900 crore (≈US$95 million) in a mixed debt‑equity round anchored by EAAA Alternatives with Muzinich & Co. participation.
- The financing values the company at over $1 billion, granting it unicorn status.
- FY26 revenue grew 48% YoY to Rs 2,086 crore, and EBITDA rose 3.7× to Rs 176 crore, expanding the margin to 8%.
- Urban Money, the group’s mortgage marketplace, facilitated loan disbursals of Rs 87,831 crore in FY26.
- Square Yards is planning an IPO and may raise an additional $50‑60 million at a $1.6 billion valuation.
Analysis
The $95 million raise places Square Yards at a post‑money valuation exceeding $1 billion, implying a revenue multiple of roughly 45x based on FY26 revenue of Rs 2,086 crore (≈US$25 million). Such a multiple is high for a proptech firm but reflects the premium investors place on integrated SaaS platforms that capture both transaction and recurring financing fees. The hybrid debt‑equity structure signals confidence in the company’s cash‑flow generation, allowing it to leverage inexpensive debt while preserving equity for future upside. For investors, the deal underscores a broader trend of capital flowing into SaaS‑enabled real‑estate services as the sector digitises and lenders seek data‑rich partners. Operators will need to prioritize technology stacks that can scale across geographies and support cross‑selling of ancillary services, a play Square Yards is betting on with its expansion plans. The upcoming IPO could set a pricing benchmark for Indian proptech, influencing valuation expectations for peers and shaping the capital‑raising landscape for SaaS businesses in the real‑estate value chain.