ADM Capital is pleased to announce the successful exit of its USD25m secured debt financing to Square Yards, an Indian real estate and financial technology platform. The financing supported the expansion and growth of the Company’s real estate brokerage business.
Founded in 2014 by Tanuj Shori and Kanika Gupta Shori, Square Yards is an Indian real estate and financial technology company headquartered in Gurugram. The Company provides services across property transactions, home loans, rentals, interiors and property management, and has expanded beyond India into international markets with significant Indian communities, including the UAE, Australia and Canada.
ADM Capital invested in Square Yards in July 2021, providing non-dilutive capital to support the Company’s continued expansion. Since then, Square Yards has grown revenue from USD31 million to USD220 million and increased annual gross transaction value from approximately USD1.4 billion to USD10.6 billion. Over the same period, the business has evolved from a real estate brokerage platform into a full-stack, technology-enabled real estate and mortgage platform.
At the time of ADM Capital’s investment, Square Yards had established a proven business model focused on helping Indian homebuyers navigate the country’s fragmented residential real estate market. Favourable sector dynamics and continued growth in residential real estate supported the Company’s expansion during the investment period. The Company had initially anticipated a future equity raise to facilitate ADM Capital’s exit. However, a challenging equity capital markets backdrop from 2022 onwards delayed those plans. Throughout this period, ADM Capital remained a supportive financing partner, working closely with management to strengthen profitability, cash flow discipline, risk management and institutional governance while the business continued to scale.
Consistent with ADM Capital’s focus on environmental, social and governance outcomes, we also supported initiatives aimed at promoting green buildings and improving access for women homebuyers and borrowers. Square Yards continues to advance sustainability-focused initiatives, including its recently launched “Square Yards Green Living Index”, which incorporates sustainability data into the homebuying experience.
ADM Capital’s exit was funded through a combination of refinancing proceeds and company cash flows. The Company recently closed a USD 95 million funding round, attaining unicorn status and reinforcing its capital base to support its next stage of long-term growth strategy.
ADM Capital congratulates Square Yards’ founders and management team on this milestone and wishes them continued success in the years ahead.
