An­other US$ 10 mn for re­alty por­tal

Hindustan Times (Chandigarh) - Estates - - HT ESTATES - HT Es­tates Cor­re­spon­dent ■ ht­es­tates@hin­dus­tan­times.com

Square Yards, an on­line to off­line (O2O) real es­tate trans­ac­tion player, has raised US $10 mil­lion in­vest­ment in the form of con­vert­ible notes from mul­ti­ple in­di­vid­ual in­vestors pri­mar­ily based out­side In­dia. The notes are is­sued for a fixed term at a pre-de­ter­mined coupon rate and with an op­tion to con­vert into equity (at a dis­count) on reach­ing the next fund­ing mile­stone. Com­bined with the re­cently an­nounced $12 mil­lion equity fund­ing from the pri­vate equity arm of Anil Am­ban­iled Re­liance Group, the new in­vest­ment takes the to­tal amount of funds raised by the com­pany to ap­prox­i­mately $33 mil­lion since its in­cep­tion in 2013.

Tanuj Shori, founder and CEO, Square Yards, says, “We wanted to main­tain a healthy mix in our bal­ance sheet with­out di­lut­ing too much of equity at this stage of our growth. The new fi­nanc­ing would help us ac­cel­er­ate our ex­pan­sion into newer in­ter­na­tional ge­ogra­phies and strengthen our ex­ist­ing dis­tri­bu­tion net­work.”

Kanika Gupta Shori, founder and COO, Square Yards, “For this lat­est in­vest­ment we reached out to our own set of real es­tate clients in In­ter­na­tional lo­ca­tions through our NRI sales teams.”

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.