Real estate aggregator platform Square Yards has raised $10 million from a clutch of high net worth individuals, including the family office of Kanpur-based Lohia Group, reports the Economic Times. Over 70% of the funding is debt based in the form of convertible notes, and investors will have to option to convert debt to equity, when the company raises its next round of funding.
The company will use the funding for expanding its distribution network in India and internationally, and fund its growth for the next 12-15 months. Currently, the company claims to be profitable with a positive EBITDA margin.
Square Yards had raised $12 million from the private equity arm of Reliance Group just 2 months ago. The startup had previously raised $11 million from a clutch of high net worth investors last year. Founded in 2013, it currently operates in over 25 countries and primarily caters to the NRI market. Note that last year Square Yards had opened new offices in Sydney, Australia and Muscat, Oman, to scale its international operations.
Other than listing real estate on its website, Square Yards also offers an Android and iOS app. The app displays various interesting metrics like the average price per square feet in a particular region, the over-time trends in prices in the area, other than various metrics like connectivity and distances from important services. The app lists over 6000 projects with details like amenities, price trends and unit plans.
Note that Square Yards had acquired Oryden TechLabs, a design and animation studio from Ahmedabad, for an undisclosed amount, in October last year. Oryden’s specialisations included 3D architectural design, process visualisation and virtual reality, which would help Square Yards enhance its design development.