By Nayra Roy 
Real estate platforms rarely move at startup speed. Square Yards just proved that patient, infrastructure-heavy businesses can still cross the billion-dollar mark when the fundamentals are right.
On June 23, 2026, the Gurugram-based real estate and mortgage platform entered the unicorn club after raising Rs 900 crore, roughly $95 million, through a mix of debt and equity. Moreover, the round was anchored by EAAA Alternatives, with global corporate credit manager Muzinich & Co also participating.
Why a Debt-Equity Mix Signals Real Maturity
Pure equity rounds dominate headlines, but blended debt-equity structures usually signal something specific. Specifically, lenders only extend meaningful debt to businesses with predictable, provable cash flows. Therefore, Muzinich & Co’s participation suggests Square Yards has built a revenue base solid enough to support credit, not just growth-stage promises.
Furthermore, this structure lets Square Yards raise substantial capital while limiting equity dilution for existing shareholders. Consequently, the unicorn milestone arrives without the company giving up as much ownership as a pure equity round of the same size would require.
What Square Yards Actually Built
Square Yards operates a real estate and mortgage platform connecting buyers, developers, and lenders across India and several international markets. Specifically, the company has spent years building distribution across residential, commercial, and NRI investment segments. Moreover, that diversified positioning gives it resilience against downturns concentrated in any single property segment.
Therefore, Square Yards looks less like a single-product proptech bet and more like infrastructure spanning India’s broader real estate transaction pipeline.
What This Means for India’s Proptech Sector
India’s real estate sector has historically lagged other categories in venture-backed digitisation. Consequently, Square Yards’ unicorn status gives the broader proptech category a credible reference point for investors who previously viewed real estate technology as too fragmented or too regulation-heavy to scale.
Moreover, this arrives during a week when Indian markets also watched Turtlemint’s IPO subscription numbers closely, reflecting broader investor caution toward loss-making new-age listings. Therefore, Square Yards’ blended capital structure may represent a smarter template: scale through provable revenue and credit access, rather than pure growth-at-all-costs equity raises.
What Comes Next
Square Yards is expected to deepen its mortgage and brokerage technology while expanding further into international NRI investment corridors. Furthermore, as more Indian proptech platforms mature toward potential public listings, expect Square Yards’ funding structure to influence how other real estate-adjacent startups approach their own growth capital.