Square Yards raised $35 million in a fresh round led by Smile Gate and set a filing window for an IPO worth roughly Rs 2,000 crore between December 2025 and March 2026. The capital raise values the proptech platform at $900-$935 million, positioning it near unicorn status.
Square Yards, a Delhi-NCR-based integrated real-estate and mortgage platform, completed a $35 million funding round in early July 2025. The company simultaneously disclosed plans to file an Initial Public Offering (IPO) for approximately Rs 2,000 crore (US$220-$233 million) in the December 2025–March 2026 window [1].
The round was led by South-Korea-based venture capital firm Smile Gate Group, with participation from existing investors including existing backers from prior financing rounds. Founders Tanuj Shori and Kanika Gupta Shori remain the primary executives steering the company’s growth strategy [1][2].
Funding round details and company valuation
The $35 million infusion was structured as a growth-stage equity investment. Smile Gate’s lead role was confirmed in the filing, and the capital is earmarked for scaling Square Yards’ technology platform, expanding its mortgage-financing services, and strengthening its presence in Tier-2 and Tier-3 Indian cities [1][3].
Post-funding, Square Yards’ enterprise valuation rose to a range of $900 million to $935 million, according to the disclosures. This valuation places the firm just short of the $1 billion unicorn threshold, a milestone frequently referenced in Indian startup reporting [1][3].
The capital will support product development, geographic expansion, and potential strategic acquisitions, as outlined in the company’s growth roadmap [2].
The funding round also included participation from earlier investors, though the specific entities were not enumerated in the public statements. The capital will support product development, geographic expansion, and potential strategic acquisitions, as outlined in the company’s growth roadmap [2].
IPO filing timeline and planned offering size
Square Yards Secures $35 Million Funding and Announces Planned IPO
Square Yards announced that it intends to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) between December 2025 and March 2026. The planned IPO size is Rs 2,000 crore, equivalent to roughly $220-$233 million at prevailing exchange rates [4].
The company’s board has approved the IPO plan, and the filing window aligns with the Indian capital-markets calendar for new listings in the fiscal year 2025-26. The IPO will be conducted on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), subject to regulatory clearance [4].
Square Yards aims to use the IPO proceeds to further consolidate its market position in the proptech sector, enhance its fintech capabilities, and invest in technology infrastructure. The filing timeline also allows the firm to capitalize on favorable market sentiment for technology-driven real-estate platforms [2].
Potential impact on India’s education sector
Square Yards’ expansion plans include extending its digital services to education-related offerings, such as financing for student housing and collaborative platforms for educational institutions. While the company has not detailed specific education initiatives, the infusion of capital and public-market funding could enable the development of products that support student accommodation and related services [1][2].
While the company has not detailed specific education initiatives, the infusion of capital and public-market funding could enable the development of products that support student accommodation and related services [1][2].
For students and educational institutions, increased access to financing options for housing may improve affordability and expand choices in urban and semi-urban markets. Educators may benefit from partnerships that integrate Square Yards’ technology for campus-area real-estate management, though concrete program details remain pending [3].
The IPO also signals confidence in the broader Indian proptech ecosystem, potentially encouraging ancillary service providers, including those focused on education infrastructure, to seek similar capital avenues. Stakeholders in the education sector should monitor Square Yards’ forthcoming disclosures for any formal rollout of education-focused products [4].
Key Facts
What: Square Yards raised $35 million and announced a Rs 2,000 crore IPO slated for December 2025–March 2026.
When: Funding round closed July 2025; IPO filing window set for Dec 2025–Mar 2026.
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Impact: Capital will support expansion of real-estate and fintech services, with potential new financing products for student housing and educational institutions.
Impact: Capital will support expansion of real-estate and fintech services, with potential new financing products for student housing and educational institutions.
Sources
Square Yards raises $35 million at $900 million valuation, plans Rs 2,000 crore IPO in 2026 – Moneycontrol
Square Yards secures $35M funding, eyes unicorn status ahead of 2026 IPO – The Economic Times
Square Yards Nears Unicorn Status with 35 Million Funding and 2026 IPO Plans – BharatFast
Square Yards’ IPO Ambitions: A Proptech Powerhouse Eyes Public Listing in 2026 – Startup News Wire
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