REA India revenue up 31% to Rs 563 cr in FY24 driven by Housing.com, PropTiger

New Delhi: PropTech startup REA India, which owns Housing.com platform, rose 31 per cent to Rs 563 crore last fiscal ended June helped by strong demand for residential properties, its CEO Dhruv Agarwala said.

REA India, part of Australia's publicly listed firm REA, is a full-stack real estate technology firm and owns two online classified advertisement platforms Housing.com and Makaan.com as well as housing brokerage PropTiger.

Commenting on the performance of last fiscal, Agarwala said the company's revenue grew 31 per cent to Rs 563 crore in 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 per cent to 68 million Australian dollars (AUD) from AUD 55 million.

Its revenue from adjacency products Hand services like movers & packers rose by 46 per cent to AUD 35 million from AUD 24 million.

Agarwala said the company's losses at EBITDA, (earnings before interest, taxes, depreciation, and amortization) have reduced by around 9 per cent and the trend would continue even this fiscal year.

"FY24 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 centres are rapidly gaining prominence.

"Our commitment to an app-first strategy has been a key driver behind enhanced consumer engagement, personalised services, and a superlative consumer experience. This focus on digital channels has resulted in a 45 per cent 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 proptech 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.