New Delhi: CEO Dhruv Agarwala of PropTech startup REA India, the owner of Housing.com platform, reported a 31 pc increase in revenue to Rs 563 crore in the last fiscal year ending in June, driven by high demand for residential properties. REA India, a subsidiary of REA, an Australia-based publicly traded company, operates as a full-service real estate tech company and holds ownership of Housing.com and Makaan.com online classified ad platforms, along with PropTiger real estate brokerage.
Agarwala remarked that in the 2023-24 fiscal year (July-June), the company's revenue increased by 31 per cent to Rs 563 crore, up from Rs 430 crore in the previous year. He observed that the income of advertising platform Housing.com and property brokerage arm PropTiger rose by 25 percent to AUD 68 million from AUD 55 million. It increased its earnings from related products and services such as movers & packers by 46%, reaching AUD 35 million from AUD 24 million.
Agarwala stated that the company's EBIDTA losses have decreased by approximately 9 percent and this trend is expected to continue in the current fiscal year. In FY'24, our company experienced substantial growth and innovation. Agarwala stated that the record collections from our online events showcase our strong market presence and successful strategy. He mentioned that the company's new products and innovations for both customers and home seekers have been well-received by the target groups and have helped increase sales.
Additionally, Agarwala noted that the increasing expansion in Tier-2 cities reflects changes in the Indian real estate market, with these upcoming urban areas quickly becoming more prominent.
Our dedication to prioritizing app development has played a crucial role in improving customer interaction, customized services, and an exceptional customer experience. He mentioned that the emphasis on digital avenues led to a 45 percent increase in app traffic in the latter part of the previous fiscal year.
In December 2020, Australia's REA Group purchased a majority share in Elara Technologies, previously the owner of these three platforms, and rebranded it as REA India. Established in 2012, Housing.com is a platform for property owners, renters, builders, and real estate agents. It provides options for new homes, pre-owned homes, rentals, land parcels, commercial spaces, and co-living spaces in India. Established in 2011, PropTiger.com is a real estate agency. Makaan.com serves as a platform for advertisements.
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