Proptech platform Square Yards has commenced work on its initial public offering (IPO), via which the company may raise Rs 1,000 crore or above, joining several other technology firms that are planning to register.

The planned IPO will make it the first startup from the real estate sector to go public.

Square Yards is an integrated platform for real estate and mortgages and is additionally enhancing its business via international operations in the UAE, the rest of West Asia, Australia and Canada. Its platform includes the complete real-estate journey from transactions, interiors, rentals, search and discovery, property management, home loans and post-sales service. It completely integrates buyers to an extensive network of more than 500 partner real estate developers, 150,000 agents and 100 lenders. Square Yards is additionally building B2B software-as-a-service platforms for developers, banks and agents.

The firm has selected Axis Capital as the lead banker for its IPO. Later, more banks will be hired. The exact figures of the share sale have not been fixed yet, as the transaction is not expected to take place immediately. But, it is likely to be around Rs 1,000 crore, and it will be a mix of primary and secondary share sales.Capital will mainly be used for both organic and inorganic development opportunities.

Recently, Square Yards procured platform capabilities in rentals and property management, data intelligence and virtual reality, and additionally rolled out its full-service platform offering home furnishing and home interior services.

In 2021, Square Yards had raised $25 million in growth financing from Hong Kong-based investment manager ADM Capital.

In the June quarter, the proptech startup witnessed its revenue grow 50% year-on-year to Rs 100.8 crore, with a positive operating profit run rate.

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