Urban Money, the fintech arm of India-based real estate marketplace Square Yards, says it expects to disburse INR300 billion ($3.6 billion U.S.) in home loans during the 12 months to March 2024 (FY23-24).
In a news release, Square Yards said that Urban Money facilitated INR153 billion in home loans during the 12 months to March 2023 (FY22-23).
Urban Money accounted for 35% to the total revenue of Square Yards in FY22-23, with the former’s revenue rising by 248% y-o-y.
“We identified this fundamental gap in 2019 and cracked this space in the last four years, emerging as the largest mortgage marketplace in the country,” Square Yards founder CEO Tanuj Shori said.
Shori’s optimism draws upon Urban Money’s continued expansion in India’s tier-two and tier-three cities and a network of over 200,000 channel partners, including banks and non-bank financial companies.
Founded in 2013, Square Yards operates in India, Australia, Canada and the Gulf states. It has a network of more than 500 real estate developers and 150,000 agents. Last month, the company filed for 18 patents in the areas of virtual reality, augmented reality and extended reality.
Source: aimgroup.com