Online to offline real estate platform Square Yards has raised USD 10 million in the form of convertible notes from multiple individual investors primarily based outside India.
The company said the USD 10 million mopped from multiple investors will be utilised for expansion into newer international geographies and to strengthen its existing distribution network.
The notes have been issued for a fixed term at a pre- determined coupon rate with an option to convert them into equity (at a discount) on reaching the next funding milestone, the company said in a statement here.
Combined with the recently announced USD 12 million equity funding from the private equity arm of the Anil Ambani -led Reliance Group, the new investment takes the total amount of funds raised by the company to approximately USD 33 million since its inception in 2013.
"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 at the same time strengthen our existing distribution network in 10-plus countries," Tanuj Shori, founder and CEO, Square Yards, said.
Square Yards recently crossed USD 1 billion in Gross Transactional Value (GTV) in terms of total value of properties sold on its platform.
The platform also provides specialised real estate allied service expertise through its group companies. Its financial arm, Square Capital, provides home loan assistance and mortgage fulfilment capabilities.
The marketing arm, Bling Marketing, offers 360-degree marketing solutions to real estate developers.
The company also plans to venture into the property management and home furnishing segment in the near future, the statement added.
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