REA India reports 31% revenue growth to Rs 5.63 billion in FY24

13 Aug 2024 CW Team

REA India, the company behind Housing(dot)com and PropTiger, has announced a 31% increase in revenue for the fiscal year ending June 2024, reaching Rs 5.63 billion. This growth is attributed to robust demand for residential properties, according to Dhruv Agarwala, CEO. The company's revenue for FY23 was approximately Rs 4.3 billion.

Agarwala noted, "FY24 has been a year of substantial growth and innovation for our company. Our online events achieved record-breaking collections, underscoring our strong market presence and the effectiveness of our strategies."

The company's new products and innovations have been well-received, driving increased sales. Agarwala highlighted the growing importance of Tier-2 cities in India's real estate market, where emerging urban centres are gaining prominence.

"Our app-first strategy has significantly enhanced consumer engagement, personalized services, and overall user experience," Agarwala added. "This digital focus contributed to a 45% increase in app traffic during the latter half of the fiscal year."

REA India, a subsidiary of Australia's publicly listed REA Group, acquired Elara Technologies in December 2020, which included Housing(dot)com, PropTiger, and Makaan(dot)com. Housing(dot)com, founded in 2012, is a comprehensive proptech platform offering listings for various types of properties across India. PropTiger, established in 2011, operates as a housing brokerage firm, while Makaan(dot)com serves as an advertising platform.

(ET)

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