Gurugram-based proptech major Square Yards is preparing to file its DRHP for a much-anticipated INR 2,000 crore (~USD 233 million) IPO by the end of FY26, according to some industry reports. The filing is expected to take place between December 2025 and March 2026.
Square Yards IPO will be split evenly between a fresh issue of shares and an offer for sale (OFS), with the startup targeting a valuation in the range of USD 1.5 2 billion (~INR 17,151 crore), which would potentially push it into the coveted unicorn club. While final details are still being worked out, insiders confirmed that Square Yards is in the final stages of appointing investment bankers and has yet to decide whether it will proceed via the confidential filing route or the traditional public route.
Square Yards IPO: Structure and Exit Plans
According to people familiar with the development, a significant portion of the IPO proceeds will be directed towards providing exits for early investors and deleveraging the company’s balance sheet. The fresh issue component is expected to fuel further growth and expansion, particularly in both domestic and international markets.
Importantly, the founders—Tanuj Shori and Kanika Gupta Shori—are expected to retain over 50% ownership post-listing, placing Square Yards among a rare breed of Indian tech startups where promoters maintain a majority stake even after going public.
Financial Snapshot & Growth Trajectory
Square Yards has demonstrated robust financial growth over recent years:
- FY24: INR 1,000 Cr in operating revenue
- FY25: INR 1,400 Cr in operating revenue, 40.9% YoY growth
- FY25 Gross Profit: INR 316 Cr (up 51.9% from INR 208 Cr in FY24)
- FY26 Projections: INR 2,000 Cr in revenue with INR 200 Cr in EBITDA
This trajectory indicates not only steady topline growth but also improving profitability metrics—highlighting strong operational efficiency.
Business Model & Global Reach
Founded in 2014 (some reports suggest 2013), Square Yards has built a full-stack real estate platform covering the entire property lifecycle—from property search and transactions to mortgage assistance, home interiors, rentals, and property management.
The company boasts operations in over 100 cities across 9 countries, including strong overseas markets such as the Middle East, Australia, and Canada, which collectively contribute more than 25% of its total revenue.
Its expansive network of 1,50,000 agent partners and end-to-end digital offerings position it competitively among India’s leading proptech firms, such as NoBroker, MagicBricks, 99acres, and Livspace.
Investor Landscape
Square Yards has raised over USD 200 million (~INR 1,715 crore) in funding since its inception. Major backers include Reliance Group (8% stake), ADM Capital, Bennett Coleman & Co (BCCL), and Genkai Capital.
What Lies Ahead
Square Yards IPO marks a major milestone for the company as it transitions from a well-capitalised startup into a publicly listed enterprise. With a strong foundation, expanding global presence, and ambitious growth projections, the company is positioning itself as a key player in the digitization of real estate services.
While the road to public listing is still unfolding, Square Yards’ decision to go public signals continued investor confidence in India’s burgeoning prop-tech sector and the company’s ability to scale sustainably in both emerging and developed markets.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.