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Square Yards breaches Rs 1,000 Cr revenue in FY24, turns EBITDA profitable in Q4

EntrackrEntrackr · 1y ago
Square Yards breaches Rs 1,000 Cr revenue in FY24, turns EBITDA profitable in Q4
Medial

Proptech firm Square Yards has crossed the 1,000 crore revenue mark during the fiscal year ending in March 2024, according to the company’s provisional financial statement reviewed by Entrackr. The Gurugram-based company saw around 50% growth in its total revenue in FY24 to Rs 1,000 crore from Rs 663 crore in FY23. The operating revenue stood at Rs 996.13 crore. Mortgages and real estate services contributed 88% to the firm’s coffers. It earned the remaining 12% from interior and digital products. Square Yards is a full-stack proptech platform, playing the entire consumer journey including search, discovery, transactions, mortgages, home furnishing, rentals and property management. During FY24, Square Yards’ GTV (Gross Transaction Value) grew more than 76% to Rs 40,828 crore from Rs 22,871 crore during FY23. The number of transactions also jumped 50% from 1.08 lakh to 1.66 lakh during the period. Coming to the company’s expenses breakdown, employee benefit remains the largest cost center forming 43% of the overall cost. This cost grew 17% to Rs 534 crore in FY24 from Rs 456 crore in FY23, according to the provisional financial statement for FY24. Check the full breakdown below: The company also claims to have reached EBITDA profitability (adjusting for ESOPs expense) in Q4 FY24. After including all expenses, the EBITDA loss in the last fiscal year (FY24) was approximately Rs 25 crore ($3 million). The firm also claimed to have an operating cash flow breakeven during the second half of FY24 after a negative cash flow (Rs 56 crore) during the first half of the last financial year. When we see the company’s growth in the last three years, its compound annual growth rate (CAGR) stood at 60% during FY21 to FY24. The company expects to close its FY25 with Rs 1,500 crore ($180 million) revenue and double-digit margins in the coming years. Square Yards achieved the growth even without external fundraise in the last two fiscal years (FY23 and FY24). The firm raised $25 million as debt in July 2021 from Hong Kong-based investment manager ADM Capital. It was valued at around $300 million during the last equity fundraise in 2019 and since then it has quadrupled in revenues. Square Yards operates in more than 100 cities across nine countries and has 150,000 agent partners. According to the provisional documents, the company’s current monthly visitors stand at over 8 million. The company competes with PropTiger and AnaRock in real estate services while its digital products and services vertical competes with Magicbricks, 99acres, Housing, NoBroker and NestAway. As an integrated player, Square Yards’ mortgage vertical ‘Urban Money’ competes with Andromeda & Paisabazaar and its home renovation vertical ‘Interior Company’ competitors include LivSpace and HomeLane among several others. At Entrackr, we had gone as far as predicting a possible full year of profitability for Square Yards after its FY23 results. What that demonstrates is the firm has a selling template in place that is delivering, and delivering consistently. With the real estate market continuing to be buoyant, Square Yards is set to have a record breaking FY25 as well, with the only question that remains to be answered being about its resilience when the tide turns.

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Square Yards reports Rs 378 Cr revenue in Q1 FY26, turns EBITDA positive

EntrackrEntrackr · 22d ago
Square Yards reports Rs 378 Cr revenue in Q1 FY26, turns EBITDA positive
Medial

Square Yards reports Rs 378 Cr revenue in Q1 FY26, turns EBITDA positive Square Yards, the Gurugram-based integrated real estate and mortgage platform, reported a 45% year-on-year rise in revenue and swung to profitability at the EBITDA level for the quarter ending June 2025. The company’s revenue from operations grew 45% to Rs 378 crore in Q1 FY26 from Rs 260 crore in Q1 FY25, according to the company’s press release. Square Yards is a proptech platform that provides end-to-end real estate services, including property discovery, buying and selling, mortgage assistance, home furnishing, rentals, and property management. Square Yards operates in more than 100 cities across nine countries, as per the release. Revenue contributions rose across real estate, financial services, and home renovation segments, while digital products saw a decline. Notably, financial services surged 60% year-on-year, followed by 36% growth in real estate and 21% in home renovations. Square Yards facilitated 55,771 transactions with a Gross Transaction Value (GTV) of Rs 18,480 crore during the quarter. Revenue from India contributed Rs 340 crore, marking a 57% year-on-year growth. The improved operating leverage helped Square Yards record its first-ever profitable quarter. Gross profit nearly tripled to Rs 70 crore in Q1 FY26 from Rs 24 crore in the same period last year, with margins improving to 18% from 9%. Segmental EBITDA stood at Rs 38.2 crore with a 10% margin, while overall EBITDA turned positive at Rs 4.4 crore against a loss of Rs 33.7 crore a year ago. “We are delighted to deliver our strongest-ever first quarter performance, marking a historic milestone for Square Yards. With revenue growing 45% year-on-year and gross profit nearly tripling, this quarter reflects the strength of our operating model,” said Tanuj Shori, Founder and CEO of Square Yards. As per sources, Square Yards is eyeing to raise Rs 2,000 crore through an initial public offering (IPO) at a valuation of $1.5–2 billion. The firm is likely to file its Draft Red Herring Prospectus (DRHP) during the current financial year.

Square Yards posts Rs 261 Cr revenue in Q1 FY25; projects Rs 1,500 Cr in FY25

EntrackrEntrackr · 1y ago
Square Yards posts Rs 261 Cr revenue in Q1 FY25; projects Rs 1,500 Cr in FY25
Medial

Proptech firm Square Yards has announced its results for the first quarter of the ongoing fiscal year. The Gurugram-based company saw a 52% increase in its revenue during Q1 FY25 compared to Q1 FY24. Square Yards’ revenue from operations surged to Rs 261 crore in Q1 FY25, with a gross transaction value of Rs 10,053 crore, compared to Rs 172 crore in revenue and a gross transaction value of Rs 6,674 crore in Q1 FY24, the company said in a press release. In the fiscal year ending March 2024, the company reported revenue of Rs 1,004 crore with EBITDA profitability. However, the net losses of Square Yards stood at Rs 216 crore FY24. Income from financial services along with real estate services formed 83% of the total operating revenue for Square Yards which increased 48% and 61% YoY respectively. The press release added that its digital services also saw an impressive growth of 145% in the same period. Square Yards is a full-stack proptech platform, playing the entire consumer journey including search, discovery, transactions, mortgages, home furnishing, rentals, and property management. The company claims to have more than 8 million monthly traffic and approximately $5 billion GTV with a presence in more than 100 cities across 9 countries. In the first quarter of the current fiscal year (Q1 FY25), Square Yards reported a gross profit of Rs 25 crore with a negative EBITDA margin of Rs 32 crore, compared to a gross profit of Rs 15 crore and a negative EBITDA margin of Rs 29 crore in Q1 FY24. The company has projected Rs 1,506 crore revenue in the full year of FY25 up from Rs 1,004 crore in FY24 with a positive EBITDA of Rs 101 crore.

Square Yards to raise Rs 2,000 Cr via IPO at $1.5-$2 Bn valuation

EntrackrEntrackr · 2m ago
Square Yards to raise Rs 2,000 Cr via IPO at $1.5-$2 Bn valuation
Medial

Square Yards to raise Rs 2,000 Cr via IPO at $1.5-$2 Bn valuation Proptech platform Square Yards is eyeing to raise Rs 2,000 crore through an initial public offering (IPO) at a valuation of $1.5–2 billion, sources aware of the development told Entrackr. The Gurugram-based company is in the process of appointing investment bankers and is likely to file its Draft Red Herring Prospectus (DRHP) within the current financial year. “The planned Rs 2,000 crore Initial public offering (IPO) will be split equally between primary and secondary components, said a source. “A significant portion of the funds raised will be used to provide an exit opportunity for early investors and to reduce the company’s debt.” Founded in 2013, Square Yards is a proptech platform that provides end-to-end real estate services, including property discovery, buying and selling, mortgage assistance, home furnishing, rentals, and property management. Square Yards operates in more than 100 cities across nine countries and has 150,000 agent partners. Square Yards has raised a total of $200 million of funding to date, having Reliance Group as its lead investor, which has an 8% stake in the company. According to another source, the founders of the company are expected to hold more than 50% stake after the IPO. Square Yards is targeting Rs 2,000 crore of revenue and Rs 200 crore EBITDA (Earnings before interest, tax and depreciation) by the end of the current fiscal year (FY26). During the previous fiscal year, Square Yards reported 40.9% year-on-year growth in its operating revenue to Rs 1410 crore, while its gross profits soared by 51.9% to Rs 316 crore in FY25, compared to Rs 208 crore in FY24.

Delhivery turns profitable with Rs 52 Cr PAT in Q1 FY25

EntrackrEntrackr · 1y ago
Delhivery turns profitable with Rs 52 Cr PAT in Q1 FY25
Medial

Logistics company Delhivery is turning around the table by registering notable profits during the quarter ending June 2025, with a scale crossing Rs 2,100 crore in the same period (Q1 FY25). Delhivery’s operating revenue grew 4.6% to Rs 2,172 crore in Q1 FY25 from Rs 2,076 crore in Q4 FY24, according to the company’s unaudited consolidated quarterly report filed with the National Stock Exchange. Logistics services including (warehousing, last mile logistics, designing and deploying logistics management systems) were the primary sources of revenue for Delhivery. The Gurugram-based company added another Rs 110 crore from financial sources tallying the overall income to Rs 2,282 crore in Q1 FY25 from Rs 2,195 crore in Q4 FY24. For the logistics firm Delhivery, the cost of freight and handling formed 71% of its overall expenditure. To the tune of scale, this cost grew 4% to Rs 1,579 crore in Q1 FY25 from Rs 1,519 crore in Q4 FY24. The firm spending on employee benefits, advertising, finance, legal, and other expenditures took the overall expenditure to Rs 2,223 crore in Q1 FY25 compared to Rs 2257 crore in Q4 FY24. The continued growth in scale and reduction in total cost enabled Delhivery to turn black with Rs 52 crore in profits in Q1 FY24 as compared to Rs 68 crore loss in Q4 FY24. On a unit level, the firm spent Rs 1.02 to earn a rupee in Q1 FY25. Delhivery has also granted 1,66,122 employee stock options under its existing ESOP Plan 2012, tallying its total ESOP pool to 1.73 million, according to a different disclosure filed by Delhivery through NSE. Delhivery’s share price is currently at Rs 414.4 (as of August 2) and its total market capitalization stood at Rs 30,632 crore or $3.6 billion.

Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable

EntrackrEntrackr · 21d ago
Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable
Medial

Exclusive All Stories Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable Full-stack agritech platform BigHaat Agro posted a flat scale with single-digit year-on-year growth in the fiscal year ending March 2025. However, the Bengaluru-based company managed to narrow its losses by over 25% during the last fiscal year. According to its co-founder Sateesh Nukala, BigHaat has crossed the Rs 1,100 crore revenue threshold in FY25 from Rs 1,050 crore in FY24. BigHaat’s revenue split consists of 85% of revenue coming from farm produce sales, with agri-inputs, which is direct to farmers, and digital only contributing 15%. The platform now counts 3 million monthly active farmers and reported 15% gross margins in FY25, said Nukala in an interaction with Entrackr. Nukala highlighted that exports and advanced processing, a high-margin vertical launched in FY25, now contribute 20% to its monthly revenue. “We have reduced our net loss to Rs 25 crore in FY25 from Rs 35 crore in FY24 and turned EBITDA positive for the last three quarters,” said Nukala. He also added that BigHaat is among the few agritech startups to achieve profitability at scale with 6x revenue-to-capital efficiency. As per Nukala, the company is targeting Rs 1,400 crore in FY26, with spices emerging as a key growth driver. “We are also open to acquisitions of new brands to strengthen our portfolio,” he emphasized. BigHaat has raised around $25 million to date. In January 2022, it raised Rs 100 crore led by JM Financial. Beyond Next Ventures, Ashish Kacholia, Ankur Capital, and others are some notable investors for the firm. This contrasts with larger peers. DeHaat, India’s most valued agritech startup, clocked Rs 2,675 crore revenue in FY24 but with losses of over Rs 240 crore. Ninjacart, backed by Walmart and Flipkart, crossed Rs 2,000 crore revenue in the same fiscal but recorded a Rs 259.6 crore loss. By combining steady topline growth, improving margins, and sustained EBITDA profitability, BigHaat is positioning itself as one of the few agritech ventures balancing scale with financial discipline, while many peers continue to burn capital at larger scales.

Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31%

EntrackrEntrackr · 3m ago
Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31%
Medial

Blackbuck posts Rs 41 Cr PBT in Q4 FY25, revenue grows 31% Blackbuck's revenue from operations grew to Rs 122 crore in Q4 FY25 from Rs 93 crore in Q4 FY24, its financial statements sourced from the National Stock Exchange show. Online trucking platform Blackbuck has released its quarterly report for the financial year ending March 2025. The Bengaluru-based company reported a 31% year-on-year growth in scale in Q4 FY25 and turned profitable, posting a profit before tax (PBT) of Rs 41 crore in the quarter. For the full fiscal year (FY25), Blackbuck’s operating revenue increased 44% to Rs 427 crore in FY25 from Rs 297 crore in FY24. Revenue from its truck operator services was the primary source of revenue, accounting for 98% of total operating revenue. The company also made Rs 15 crore from interest income which took its overall revenue to Rs 137 crore in Q4 FY25, compared to Rs 99 crore in Q4 FY24. For the full fiscal year, the firm’s total revenue stood at Rs 462 crore in FY25. Looking at the expenses, the employee benefit cost accounted for 35% of the overall expenditure which fell 74% year-on-year to Rs 33 crore in Q4 FY25 from Rs 128 crore in Q4 FY24. Depreciation and other operating expenses were key overheads that drove total expenditure to Rs 95 crore in Q4 FY25, compared to Rs 187 crore in the same quarter last year. For the fiscal year ending March 2025, the firm’s total expenses fell to Rs 371 crore as compared to Rs 483 crore in FY24. Blackbuck booked profit before tax of Rs 41 crore in Q4 FY25, as compared to a loss of Rs 87 crore in Q4 FY24. Meanwhile, for the full fiscal year ended March 2025, the company remained at a loss of Rs 283 crore (before tax), 69% more than Rs 167 crore in FY24. Blackbuck debuted on the stock exchange at Rs 208.90 and is now trading at Rs 459 on May 27, bringing its total market capitalization to Rs 8,180 crore.

Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%

EntrackrEntrackr · 4m ago
Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%
Medial

Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115% Foodtech and quick commerce major Swiggy has managed a 45% year-on-year growth in its operating revenue which spiked to Rs 4,410 crore during Q4 FY25 as compared to Rs 3,045 crore in Q4 FY24. However, the Bengaluru-based company’s losses surged 95% in the same period. Swiggy’s food delivery business continues to be a major contributor, accounting for 37% of the total collection in Q4 FY25. Revenues from this vertical grew 18% to Rs 1,629 crore from Rs 1,375 crore in Q4 FY24. The company’s quick commerce segment also saw remarkable growth, with revenue surging by 115% to Rs 689 crore in Q4 FY25 from Rs 320 crore in Q4 FY24. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new dark stores. Scootsy Logistics contributed a major 45% of Swiggy’s overall operating collection. Income from this entity increased by 58% YoY to Rs 2,004 crore in Q4 FY25 from Rs 1,265 crore in Q4 FY24. During the last quarter, Swiggy invested Rs 1,000 crore in Scootsy to support expansion and growth. Swiggy’s Dine Out, Genie, Swiggy Mini, and other non-operating income took its total revenue to Rs 4,531 crore in Q4 FY25. For the full fiscal year ending March 2025, Swiggy’s revenue rose 35% to Rs 15,227 crore in FY25 from Rs 11,247 crore in FY24. On the cost side, the procurement of FMCG products for supply chain distribution formed 33% of its overall cost which increased by 52% to Rs 1,854 crore in Q4 FY25. Meanwhile, the delivery charges saw 27% growth to Rs 1,161 crore in Q4 FY25. Swiggy spent Rs 695 crore and Rs 978 crore on employee benefits and advertising, respectively. Overall, Swiggy’s total expenses for the quarter increased 53% to Rs 5,609 crore from Rs 3,668 crore in Q4 FY24. On a fiscal-on-fiscal year basis, its total expenses increased to Rs 18,725 crore in the quarter ending March 2025 from Rs 13,947 crore in FY24. The 53% growth in expenditure led losses to increase by 95% to Rs 1,081 crore in Q4 FY25 from Rs 555 crore in Q4 FY24. On a fiscal-on-fiscal basis, Swiggy’s losses spiked 33% to Rs 3,117 crore in FY25 from Rs 2,350 crore in FY24.

Traya posts 236 Cr revenue in FY24; turns profitable

EntrackrEntrackr · 8m ago
Traya posts 236 Cr revenue in FY24; turns profitable
Medial

Traya recorded over threefold year-on-year growth, with its revenue crossing Rs 230 crore during the previous fiscal year ending March 2024. Moreover, with this pace, the Mumbai-based company became profitable in the same period. Traya’s revenue from operations surged 3.8X to Rs 236 crore in FY24 from Rs 61 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Established in 2019, Traya focuses on addressing hair loss at its core by identifying the underlying causes. It provides personalized hair solutions and guidance from a team of experienced hair coaches and physicians. Income from product sales accounted for 99.36% of Traya's total operating revenue, which rose to Rs 234.5 crore in FY24, up from Rs 61 crore in FY23. The rest income came from courier services and doctor consultation fees. Moving on to the expense part, marketing and sales accounted for 43% of the overall expenditure. This cost grew twofold to Rs 98 crore in FY24 from Rs 51 crore in FY23. To the tune of scale, the cost of procurement of materials surged 3.6X to Rs 54 crore in FY24. Traya’s employee benefits also saw a 4X surge to Rs 36 crore in FY23. Other overheads including freight, legal, and travelling increased the overall cost by 154% to Rs 229 crore in FY23 from Rs 90 crore in FY23. The 3.8X growth in scale enabled Traya to achieve a notable profit of Rs 9 crore in FY24, a stark contrast to the Rs 28 crore loss in FY23. Its ROCE and EBITDA margin improved to 8.7% and 5.04%, respectively. On a unit basis, the company spent Rs 0.97 to earn a rupee in FY24. Traya's total current assets recorded at Rs 159 crore, with a cash balance of Rs 85 crore at the end of the previous fiscal year. According to startup-data intelligence platform TheKredible, Traya has raised approximately Rs 96 crore to date, including Rs 75 crore in funding from Xponentia Capital in April this year. The company counts notable investors such as Fireside Ventures, Kae Capital, Xponentia Capital, and Whiteboard Capital.

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