New Delhi, Aug 31 (IANS) While some new-age internet and tech companies continue to clock revenue growth, their losses are also soaring and proptech firm Square Yards is a perfect example. In the last three fiscals, the company has registered a loss of about Rs 737 crore.
According to Gurugram-based company’s financial statements for the last three fiscal years, seen by IANS, Square Yards incurred losses of Rs 216 crore in FY24, Rs 296 crore in FY23 and Rs 225 crore in FY22.
The company’s expenses are also increasing on an annual basis. The company’s expenses were Rs 1,220 crore in FY24, Rs 943 crore in FY23 and Rs 619 crore in FY22.
When it comes to revenue, it was about Rs 1,004 crore in FY24, Rs 663 crore in FY23 and Rs 382 crore in FY22.
Square Yards’ debt has also increased on an annual basis. In its financial statements filed with the Ministry of Corporate Affairs (MCA), the company had a debt of Rs 939 crore in FY23 and Rs 656 crore in FY22. The company has not yet filed financial statements for the last fiscal (FY24).
According to multiple reports, the company has not raised funds in the last two financial years (FY24 and FY23). The company last raised debt of about $25 million in July 2021 from Hong Kong-based investment manager firm ADM Capital.
Tanuj Shori-run Square Yards is an integrated platform for real estate and mortgages that offers a real estate journey from search and discovery, transactions, home loans, rentals, property management, and post-sales services.
The Indian business contributed 79 per cent of its revenue, according to reports. It also has a presence in Dubai and some other countries.
Proptech platform Square Yards’ expenses surge to over Rs 1,220 crore in FY24.
The company also has a presence in Dubai and some other countries.
–IANS
avs/na
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
