Square Yards came into existence during October 2013 by investment banker and IIM-Lucknow alumnus Tanuj Shori and Kanika Gupta, a wealth manager.
Ṭhe husband-wife pair, based in Hong Kong at that point in time, witnessed a chance in NRIs. A lot of people wished to make an investment in Indian realty but did not have access to impartial data to do research and requisite support and post-transaction services.
The founders did widespread research on property in diverse micro-zones of top 10 Indian cities and commenced sharing it with the NRI society.
Bootstrapping and scaling up
Over the next one-and-half years, Square Yards established its presence in 15 Indian cities and five countries and claimed to have gained a virtual monopoly in the NRI markets of Singapore, Hong Kong, Dubai, Abu Dhabi and London. The company achieved this through investor-friendly products such as student accommodation in Liverpool, mall redevelopment projects in Canada and car parks in Glasgow to India.
Next stage of technology led an expansion
Square Yards is also pursuing a technology-led expansion model and is constructing multi-modal distribution stages. Squareyards.com has currently developed into a research doorway having traits like city-heat maps, need-based recommendation engine, rating parameters like connectivity, livability, carpet area and lifestyle.
Square Yards also rolled out Scapes, a platform for property e-commerce which they feel has the perspective to fetch the USD two-billion worth of property inventory on the web. It's traits comprise instantaneous inventory collection, virtual 360-degree walkthroughs, amplified 3D real estate, payments and portfolio tracking for clientele as well as developers.
The company believes that primary property in the Indian zone is ripe for disruption via digital technologies as well as services.
Tanuj, CEO of Square Yards, said, “With the Square Connect programme, we are pivoting our business model to be more of a technology-enabled aggregator and distributor of the primary real estate rather than a pure-play transaction advisory. This platform will help us reach the targeted 20 per cent market share of the primary residential market in India by consolidating supply and demand, creating significant barriers to entry through scale and sourcing capabilities."