Housing.com monthly web traffic is over 20 mn
REA India's revenue grew 21 per cent to 44 million Australian dollars (nearly Rs 240 crore) during the July-December period
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New Delhi: The monthly web traffic on Housing.com is more than 20 million and the company wants to focus on increasing this number to have a significant lead over competitors. It would also concentrate on driving the traffic to Housing.com app, where consumer engagement is better leading to quality lead generation for its clients --real estate developers and property brokers, says its CEO Dhruv Agarwala.
The traffic on Housing.com app grew 43 per cent in the first six months of 2023-24 fiscal ending June, he highlighted. Proptech firm REA India, which owns Housing.com and PropTiger, is part of Australia-based REA Group. REA India's revenue grew 21 per cent to 44 million Australian dollars (nearly Rs 240 crore) during the July-December period.
In the year-ago period, the revenue stood at AUD (Australian dollar) 36 million. Agarwala said that revenue from its core businesses -- advertising and housing brokerage -- grew 32 per cent to AUD 32 million. But, the adjacency business, where it provides other related services to customers like movers and packers, insurance and mortgage, remained flat at AUD 12 million.
REA India revenue had increased 46 per cent to more than Rs 430 crore in 2022-23 fiscal (July-June) as against nearly Rs 300 crore revenue in 2021-22. He further said that the company is not actively looking for acquisition for further growth but the company is open to evaluate "interesting" opportunities that complement the business or help in securing new technologies.
Asked about the timeline to achieve break- even, Agarwala said the company's losses peaked in 2022-23 and it would keep reducing every fiscal year. "We will continue to invest in the business to extend our market leadership and to become a clear number one in the Indian market. We have committed to the analyst that we will keep bringing down losses year on year after FY'23." He added that there has been a reduction in the first half as well. 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.
