REA Group's India revenue surges 46% in FY23

17 Aug 2023 CW Team

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.

Building Material

18 Sep 2025

Ambuja Cements Drags JSW Cement to Court Over ‘Kawach’ Brand

Ambuja Cements, part of the Adani Group, has filed a trademark infringement case against JSW Cement in the Delhi High Court, alleging that its rival copied the ‘Kawach’ brand with its new product ‘Jal Kavach’.Justice Manmeet Pritam Singh Arora issued summons to JSW Cement and its subsidiary, JSW IP Holdings Pvt Ltd, while referring the matter to mediation. Hearings are scheduled to resume on October 15 if no settlement is reached.Ambuja, which registered the ‘Kawach’ trademark in 2019, argues that the term ‘Kavach’—meaning shield—is the distinctive feature of its branding. ..

Bentley Systems Named Innovation Partner of the Year 2025 by Afcons

Bentley Systems, the infrastructure engineering software company, has been recognised by Afcons Infrastructure Limited as its Innovation Partner of the Year 2025 at the Innovation Partners 2025 Felicitation Ceremony in Mumbai. The award acknowledges Bentley’s contribution to Afcons’ engineering digitalisation journey through an enterprise agreement providing access to over 250 Bentley engineering software tools. This adoption has enabled Afcons to accelerate project delivery, standardise digital workflows, and strengthen innovation across its infrastructure portfolio. Among key i..

SBI Sells 13.18% Stake in Yes Bank to Japan’s SMBC

State Bank of India (SBI) has completed the sale of a 13.18 per cent stake in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for over Rs 8,889 crore. The divestment is part of a Rs 13,482 crore deal finalised in May with SMBC and seven private banks.Following the transaction, SBI’s shareholding in Yes Bank stands at 10.8 per cent. The deal, involving 4,134.4 million shares at Rs 21.50 each, is the largest cross-border transaction in the Indian banking sector.SBI Chairman C S Setty described the 2020 RBI-led rescue of Yes Bank as a pioneering public-private partnership, addi..