India's most prominent proptech platform is preparing for its public market moment. Square Yards has set a revenue target of ₹3,000 crore and is planning to file its Draft Red Herring Prospectus within the next few months, with a listing timeline of 12 to 18 months. The announcement, made by CFO Piyush Bothra, positions the company as the first large-scale integrated real estate and mortgage technology platform from India to test the public markets, at a time when the residential property cycle remains strong and home loan disbursals are running at elevated levels.
What Square Yards has built ahead of its IPO
The core of Square Yards' business is real estate transaction facilitation, connecting buyers with developers across India's primary residential market. Alongside this, its home loan platform Urban Money has become a significant operation in its own right, having facilitated approximately ₹87,000 crore in loan disbursals to date. The combination of property transactions and mortgage facilitation gives Square Yards a position at two of the most valuable points in the home-buying journey, and the integration between the two businesses creates cross-sell opportunities that purely transactional real estate platforms cannot replicate. The company has also built a presence in property management and rentals through its Square Connect platform, adding a recurring revenue dimension to what began as a transaction-led model.
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IPO Plans Announced
Square Yards plans to file its DRHP in the coming months, targeting an IPO within 12–18 months.
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₹3,000 Crore Revenue Goal
The proptech platform is targeting ₹3,000 crore in revenue, backed by growth across real estate transactions and mortgage services.
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Strong Mortgage Business
Through Urban Money, Square Yards has facilitated nearly ₹87,000 crore in home loan disbursals.
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Favourable Market Timing
Strong residential demand, stable home loan rates and a potential pre-IPO fundraise support the company's listing strategy.
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Milestone for PropTech
A successful IPO could establish India's first major public market benchmark for the proptech sector and accelerate industry growth.
The revenue target and what it would take to get there
Reaching ₹3,000 crore in revenue from the company's current base requires sustained growth across both the real estate and mortgage verticals. India's residential property market has been running at elevated transaction volumes, with booking values at major developers repeatedly hitting record highs in FY26. That demand environment provides a strong tailwind for a platform that earns on transactions and loan originations. Urban Money's growth trajectory is particularly significant for the IPO story: mortgage facilitation at scale generates fee income that is more predictable and less lumpy than pure property transaction commissions, which improves the revenue quality narrative for public market investors evaluating the business.
Why the timing makes sense
The 12-to 18-month IPO window is well-chosen relative to the market cycle. India's residential real estate is in a strong upcycle, home loan rates have stabilised, and the appetite for real estate and fintech names among domestic institutional investors has been demonstrated by recent listings in adjacent sectors. Filing the DRHP now gives Square Yards the flexibility to time the actual listing to market conditions while giving investors a detailed look at the financials. Bothra indicated that the company is also considering a pre-IPO fundraise, which would help price the offering and bring in institutional shareholders ahead of the listing, a common approach for late-stage startups seeking to build a credible investor registry before they go public.
What the listing would mean for India's proptech sector
A successful Square Yards IPO would be a landmark moment for Indian proptech, providing the sector with its first major public market benchmark. Listed proptech companies give private investors, founders and employees a pricing reference, a liquidity path, and a demonstration that technology-enabled real estate businesses can generate the kind of scalable, sustainable revenue that public market investors will pay for. It also creates pressure on competitors to articulate their own paths to profitability and scale, accelerating the maturation of the sector overall. For a market as large and as structurally underpenetrated by technology as Indian real estate, a credible public listing from the sector's leading platform would be a signal that the proptech era has genuinely arrived.
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