New Delhi: At a time when there is an overall slowdown in the economy and sluggishness in the real estate sector, Gurugram-based property brokerage firm Square Yards has raised USD 20 million of equity capital from Times Group (Bennett Coleman & Co Ltd), Genkai Capital,Steve Melhuish, Jani Rautiainen, Koh Boon Hwee and DBS, it said in a statement.
Some of the existing investors also participated in this round of funding.
“We are very fortunate to have them (investors) guide us in our path to create one of the largest consumer tech business emerging out of India,” said Tanuj Shori, Co-founder and CEO, Square Yards.
Since its inception in 2014, Square Yards has raised about USD 50 million in equity and around USD 25 million in debt financing.
With the latest round of funding, Square Yard’s valuation is expected to reach USD 260-300 million. It plans to strengthen its technology infrastructure, build a go-to consumer brand and enter new geographies in emerging countries.
The company has presence in 10 countries and transacts USD 1 billion worth of assets annually, with a revenue run rate of USD 44 million.