New Delhi: While some new-age internet and tech companies continue to clock revenue growth, their losses are also soaring and proptech firm Square Yards is a perfect example. In the last three fiscals, the company has registered a loss of about Rs 737 crore.
According to Gurugram-based company’s financial statements for the last three fiscal years, seen by IANS, Square Yards incurred losses of Rs 216 crore in FY24, Rs 296 crore in FY23 and Rs 225 crore in FY22.
The company’s expenses are also increasing on an annual basis. The company’s expenses were Rs 1,220 crore in FY24, Rs 943 crore in FY23 and Rs 619 crore in FY22.
When it comes to revenue, it was about Rs 1,004 crore in FY24, Rs 663 crore in FY23 and Rs 382 crore in FY22.
Square Yards’ debt has also increased on an annual basis. In its financial statements filed with the Ministry of Corporate Affairs (MCA), the company had a debt of Rs 939 crore in FY23 and Rs 656 crore in FY22. The company has not yet filed financial statements for the last fiscal (FY24).
According to multiple reports, the company has not raised funds in the last two financial years (FY24 and FY23). The company last raised debt of about $25 million in July 2021 from Hong Kong-based investment manager firm ADM Capital.
Tanuj Shori-run 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.
The Indian business contributed 79 per cent of its revenue, according to reports. It also has a presence in Dubai and some other countries.
Proptech platform Square Yards’ expenses surge to over Rs 1,220 crore in FY24.
The company also has a presence in Dubai and some other countries.
–IANS