Housing.com acquisition | Image:Housing.com
Housing.com acquisition: Dhruv Agarwala, CEO of proptech firm REA India, which oversees Housing.com and PropTiger, in a recent interview said while REA India, a part of Australia’s REA Group, isn’t actively seeking acquisitions for further expansion, but is open to evaluate “interesting” opportunities that align with the business or introduce new technologies.
Agarwala, in an interview with news agency PTI, stressed the company’s dedication to consolidating its existing ventures—Housing.com and PropTiger.com. He stated that there are no imminent plans for acquisitions, but the company remains receptive to opportunities that could enhance talent acquisition or address specific product gaps.
“Our focus is on strengthening our current businesses,” Agarwala asserted, highlighting Housing.com’s monthly web traffic exceeding 20 million visits. The company aims to bolster this figure further to maintain a competitive edge in the market. Additionally, Agarwala underscored efforts to drive traffic to the Housing.com app, where user engagement is higher, facilitating quality lead generation for clients such as real estate developers and brokers.
Agarwala also shared insights into REA India’s financial performance, revealing a 21 per cent revenue growth to A$44 million in the July-December period, up A$36 million in the previous year. Revenue from core segments—advertising and housing brokerage—saw a robust 32 per cent increase to A$32 million, although the adjacency business remained flat at A$12 million. Notably, REA India’s revenue surged by 46 per cent to over Rs 430 crore in the 2022-23 fiscal year.
Addressing queries about the timeline for achieving profitability, Agarwala acknowledged that losses peaked in the 2022-23 fiscal year but affirmed a commitment to gradual reduction in subsequent years. He stressed ongoing investments to strengthen market leadership and achieve prominence in the Indian market.
In December 2020, Australia’s REA Group acquired a controlling stake in Elara Technologies, rebranding it as REA India. Housing.com, established in 2012, serves as a prop-tech platform catering to various stakeholders in the real estate ecosystem. Meanwhile, PropTiger.com, founded in 2011, operates as a housing brokerage firm. Makaan.com functions as an advertising platform within the REA India portfolio.
(With PTI inputs.)
