Proptech platform Square Yards' expenses surge to over INR 1,220 crore in FY24

NEW DELHI — Gurugram-based proptech company Square Yards saw its expenses grow over 25 per cent to INR 1,220.25 crore in FY24, from INR 926.68 crore in FY23.

Employee benefits remained the biggest expenditure at 43 per cent of the overall cost.

The employee benefit cost surged 17 per cent to more than INR 534 crore in FY24 from INR 456 crore in FY23, according to the company's provisional financial statement for the last fiscal year.

On the revenue side, Square Yards crossed the 1,000 crore mark during the last fiscal year.

The Indian business contributed 79 per cent of its revenue, according to reports.

According to the company, it achieved EBITDA profitability for the full year FY24.

Additionally, the company reached operating cash flow breakeven in H2FY24.

Square Yards' gross transaction value (GTV) increased more than 76 per cent to INR 40,828 crore in FY24 from INR 22,871 crore during FY23, according to Entrackr.

Square Yards is an integrated platform for real estate and mortgages that offers a real estate journey from search and discovery, transactions, home loans, rentals, property management, and post-sales services.

It also has a presence in Dubai and some other countries.