REA India Reports 25% Revenue Growth to Rs 711 Crore in Fiscal 2023-24
REA India, the parent company of Housing.com, has reported a 25% growth in its revenue to Australian dollar 129.2 million (Rs 711 crore) in the fiscal year ended June 2024. This remarkable growth is attributed to the robust demand for residential properties in India.
REA India, a subsidiary of Australia's publicly listed firm REA Group, is a full-stack real estate technology company. It owns two prominent online classified advertisement platforms, Housing.com and Makaan.com. Recently, the company announced the divestment of its housing brokerage arm, PropTiger.
The company's loss at EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) has reduced to Australian dollar 28.4 million in the 2024-25 fiscal year (July-June) from AUD 35.8 million in the previous fiscal year.
"FY25 has been a landmark year of growth and strategic clarity for us. Our focus remains firmly on delivering a superior consumer experience by using technology to address real-world challenges in the home-buying journey - from improving listing quality and accuracy to simplifying discovery and decision-making," said Praveen Sharma, CEO of REA India.
In the last fiscal year, the company recorded a 19% rise in app traffic and a 58% increase in verified listings. Sharma emphasized, "As we continue to strengthen our presence in Tier-2 cities and innovate across our platforms, we remain committed to growing the top line in a way that accelerates our path to profitability and long-term value creation."
The proposed divestment of PropTiger is a strategic move that will allow REA India to focus on scaling the Housing.com business. Last month, Aurum PropTech Ltd announced the acquisition of PropTiger from REA Group for Rs 86.45 crore as part of its expansion plan. Aurum will issue preferential shares to REA India as consideration for this deal.
PropTiger was founded by Dhruv Agarwala in 2011. REA Group acquired a controlling interest in Housing.com and PropTiger in 2020. In April this year, Agarwala resigned as the CEO of REA India, marking a significant transition in the company's leadership and strategic direction.
