Melbourne's REA Group, owner of Housing.com, PropTiger.com, and Makaan.com, announced a remarkable 46% surge in Indian revenue for the fiscal year ending June 2023. In contrast, their Australian operations experienced a meagre 1% increase.
India's contribution to the group's overall revenue has expanded to 6.7% in FY23 from 4.8% in FY22, according to REA's investor presentation.
In FY23, REA India reported revenue of Australian $79 million, a notable rise from the A$54 million of the previous year.
Housing.com's core business has undergone substantial growth, with both broker and developer segments witnessing strong expansion due to successful price and product bundling strategies. The company's expansion into three new tier-2 cities, coupled with the launch of a premier depth product for resale agents, contributed to growth, resulting in a 25% YoY increase in customer base.
REA India strategically established offices in Indore, Goa, and Vadodara in the last fiscal year and intends to open branches in three more tier-2 cities—Bhopal, Bhubaneshwar, and Vijayawada—in FY24. Remarkably, the company achieved nearly 200% growth in tier-2 markets during FY23. The significant increase in traffic was primarily propelled by a 48% YoY growth in the mobile audience, a record high comprising 89% of REA India's overall audience.
REA's ownership stake in REA India also increased, rising to 78% by June 30, 2023, from 73.3% in June 2022.
