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Square Yards Enters Home Furnishing, Interiors Business
Indian real estate operations contributed 50 per cent to the overall revenue while 41 per cent came from international business and the rest 9 per cent from the mortgage business.
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Real estate brokerage firm Square Yards on Thursday said it has entered into home furnishing and interiors business as part of its strategy to provide full-stack services to customers.
Square Yards, which posted around Rs 350 crore revenue in 2020-21, has set up a subsidiary 'Interior Company' for foraying into this new segment.
Square Yards has launched a new platform offering home furnishing and home interior services, the statement said.
The subsidiary has already set up offices in Bengaluru, Mumbai, and Delhi-NCR. The new venture is looking to scale operations pan India and the Middle East, as it seeks to build an integrated technology platform for end-to-end interiors design and execution.
Tanuj Shori, Founder and Chief Executive Officer of Square Yards said: “We always had very strong demand signals for interior services from our existing ecosystem of real estate customers, some of the country's top developers, and a 200,000+ strong broker network.' He said the company decided to build this capability in-house.
'Within just 2 months of the beta launch, it is clocking over USD 0.5 million of monthly revenue run rate,' he added.
Shori said the company aims to emerge as a formidable player in this space within the first 12 months of operations.
Interior Company will initially focus on new home buyers in the primary real estate segment.
It is building standardised and modular solutions for near-possession and ready to move inventory in some of the top developer projects across major metro cities.
Square Yards is offering various services through its platforms, such as search and discovery, transactions, mortgages, home interiors, rentals, property management, and post-sales services.
Square Yards has reported a 17 per cent increase in revenue at Rs 348.8 crore during the last fiscal year.
Its revenue stood at Rs 298.2 crore in 2019-20.
Indian real estate operations contributed 50 per cent to the overall revenue while 41 per cent came from international business and the rest 9 per cent from the mortgage business.
(PTI)