REA India reports 31% rise in revenue
REA Group, owner of Housing.com, PropTiger.com, and Makaan.com, reported a 31% rise in its revenue from India in the financial year ended June 2024, down from 46% a year ago.
The company has reported 103 million AUD (Rs 563 crore) in FY 24 against $79 million for the Australian FY23 ended June and $54 million in FY 22.
«Our new products and innovations, both for customers and home seekers, have gained great popularity among the target groups and boosted sales, contributing to a 30% revenue growth,” said Dhruv Agarwala, CEO, Housing.com & PropTiger.com.
The company has reported 45% year-on-year growth in app traffic in H2 and 19.5 million average monthly visits to Housing.com.
“Additionally, 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,” said Agarwala.
“The focus on digital channels has resulted in a 45% growth in app traffic during H2. Leveraging technology for personalisation and transparency has further boosted user satisfaction,” the executive said.
Company’s operating cost is up by 18%, driven by higher salaries due to increased remuneration and incentives and higher spend on branding.
It expects EBITDA losses to continue to reduce in FY25.
In October 2020, REA Group acquired Elara Technologies, operator of Housing.com, PropTiger.com, and Makaan.com, and subsequently rebranded it as REA India. Prior to this acquisition, REA Group held a minority stake in Elara. The transaction’s
