REA India revenue up 31 percent to Rs 563 cr in FY'24

PropTech startup REA India, which owns the Housing dot com platform, clocked a revenue of Rs 563 crore, up 31 percent in the last fiscal ended June, helped by strong demand for residential properties, its CEO Dhruv Agarwala said.

REA India, which is part of Australia's publicly listed firm REA, is a full-stack real estate technology firm and owns two online classified advertisement platforms Housing dot com and Makaan dot com, as well as housing brokerage firm PropTiger. Commenting on the performance of last fiscal, Agarwala said the company's revenue grew 31 percent to Rs 563 crore in the 2023-24 fiscal (July-June), from Rs 430 crore in the preceding year.

He noted that the revenue of advertising platform Housing.Com and property brokerage arm PropTiger increased by 25 percent to 68 million Australian dollars (AUD) from AUD 55 million. Its revenue from adjacency products and services like movers & packers by 46 percent to AUD 35 million from AUD 24 million.

Agarwala said the company's losses at EBITDA (earning before interest, depreciation, tax, and amortization) have reduced by around 9 percent and the trend would continue even this fiscal year."FY'24 has been a year of significant growth and innovation for our company. The success of our online events, which achieved record collections, reflects our strong market presence and the effectiveness of our strategy," Agarwala said.

The company's new products and innovations, both for customers and home seekers, have gained great popularity among the target groups and boosted sales, he added. Moreover, Agarwala said the continued growth in Tier-2 cities highlights the shifting dynamics of the Indian real estate market, where these emerging urban centers are rapidly gaining prominence.

"Our commitment to an app-first strategy has been a key driver behind enhanced consumer engagement, personalized services, and a superlative consumer experience. This focus on digital channels has resulted in a 45 percent growth in app traffic during the second half of last fiscal," he said. In December 2020, Australia's REA Group acquired a controlling stake in Elara Technologies, which earlier owned these three portals, and renamed it as REA India.

Housing.Com, which was founded in 2012, is a prop-tech platform for homeowners/home seekers, landlords, developers, and real estate brokers. It offers listings for new homes, resale homes, rentals, plots, commercial spaces, and co-living spaces in India. Founded in 2011, PropTiger.Com is a housing brokerage firm. Makaan.Com is an advertising platform.