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Proptech firm REA India — owner of Housing.com and PropTiger — said its revenue has increased 46 per cent to more than Rs 430 crore in the last fiscal year ended June on sharp rise in housing demand and increased adoption of technologies.
The company had posted nearly Rs 300 crore revenue in the 2021-22 financial year (July-June).
REA India, which is a subsidiary of Australia’s REA Group, is a full-stack real estate technology firm and it owns three real estate portals — Housing.com, PropTiger and Makaan.com.
The bulk of the revenue came from Housing.com, one of the leading real estate classified portals in India.
“REA India Ltd’s strong results demonstrates our commitment to innovation and a leading role within the market,” REA India CEO Dhruv Agarwala told PTI.
“Our steady efforts to enhance the reach of Housing.com and Proptiger.com demonstrate a thoughtful strategy that keeps us at the cutting edge of industry trends,” he added.
Agarwala said the company has been focused on steady growth in areas such as audience, consumer experience, and brand presence.
“Our approach to revenue growth includes strengthening our presence in major markets and carefully extending into new cities to take advantage of emerging opportunities,” he said.
Agarwala said the company has also developed specialised depth products for developers and brokers, leading to a notable 25 per cent increase in its customer base.
In May, Agarwala had informed that Housing.com has seen a four-fold jump in monthly traffic on its website to over 20 million compared to pre-COVID level on demand revival and fast adoption of digital tools in the realty sector.
The growth in traffic in the past three years has also been attributed to investments made in branding, advertising and marketing activities.
“COVID has positively impacted people’s attitudes towards home ownership and also towards using digital media and hence a large chunk of our stakeholders have come online,” Agarwala 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.
Founded in 2011, PropTiger.com is a housing brokerage firm. Makaan.com is an advertising platform.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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