Square Yards forays into interior services; plans to scale operations, build integrated tech platform


Proptech platform Square Yards has forayed into home furnishing and home interior services with the launch of its new platform focused on these services.

The new subsidiary to be called ‘Interior Company’ has already set up offices in Bangalore, Mumbai, and Delhi-NCR and is looking to scale operations pan India and Middle East. The company plans to build an integrated technology platform for end-to-end interiors design and execution.

“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 over 2 lakh strong broker network. We decided to build this capability inhouse with the same ethos and building blocks of a startup like Square Yards,” said Tanuj Shori, Founder & CEO of Square Yards. “Within just 2 months of the beta launch, the new platform is clocking a monthly revenue run rate of over $0.5 million.”

Interior Company will initially focus on new homebuyers in the primary real estate segment who are seeking beautiful interiors at an affordable cost but typically go through a painful experience. The company is building standardized and modular solutions for near-possession and ready-to-move inventory in some of top developer projects across major metro cities.

“With strong vendor partnerships and powerful tech integrations, we aim to emerge as a formidable player in this space within the first 12 months of operations,” Shori said.

The company is investing in building an

platform that provides high quality 3D visualization of spaces with immersive VR experience, allowing customers to experience the final product with an assurance.

READ  Project costs under Bharatmala estimated at Rs 10 lakh crore: Nitin Gadkari

The platform further includes end-to-end designer workbench, auto bill of material generation, order and logistics management with vendors, thereby giving real time status updates of their project to the customer and assure timely delivery.

Square Yards had recently announced Rs 350 crore revenue and operating profit of Rs 50 crore for the financial year 2020-21. In addition to its primary real estate brokerage business, the company’s new business segments have started showing robust traction and are on track to deliver strong revenue in FY22.

With the launch of the interior design platform, Square Yards is one of the few real estate platforms globally that offers an integrated consumer experience covering the full stack real-estate process from search & discovery, transactions, mortgages, home interiors, rentals, property management and post-sales services.



READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here