Housing | Image:Housing.com
Housing.com acquisition approach: Housing.com, under the umbrella of proptech firm REA India, has clarified its stance on acquisitions, with CEO Dhruv Agarwala stating in an interview with PTI that while they are not actively seeking acquisitions for further growth, they remain open to assessing “interesting” opportunities that complement their business or introduce new technologies.
Agarwala stressed the focus on consolidating their current businesses and enhancing their strength. He mentioned that although there are no immediate plans for acquisitions, they are open to opportunities that could bring in talent or fill product gaps, such as what they did with mortgage services. The primary goal is to boost existing businesses and drive growth.
Proptech’s traffic strategy
Agarwala highlighted that Housing.com currently attracts over 20 million monthly web visitors and aims to increase this number to outpace competitors. Additionally, the company intends to boost traffic to its app, where user engagement is higher, resulting in better-quality leads for real estate developers and brokers. Notably, app traffic saw a 43 per cent increase in the first half of the 2023-24 fiscal year.
In terms of revenue, REA India reported a 21 per cent growth to AUD 44 million in the July-December period, with core businesses like advertising and housing brokerage witnessing a 32 per cent increase to AUD 32 million. However, revenue from adjacent services like movers and packers, insurance, and mortgage remained flat at AUD 12 million.
Losses peaked in the 2022-23
Agarwala stated that the company’s losses peaked in the 2022-23 fiscal year but are steadily decreasing. They plan to continue investing in the business to strengthen their market leadership and aim to become the clear number one player in the Indian market. The company aims to reduce losses year-on-year after FY’23, with an initial reduction already seen in the first half.
In December 2020, REA Group from Australia acquired a controlling stake in Elara Technologies, which owned Housing.com, PropTiger, and Makaan.com. Housing.com, established in 2012, serves as a proptech platform catering to various real estate needs in India. PropTiger.com, founded in 2011, operates as a housing brokerage firm, while Makaan.com serves as an advertising platform.
(With PTI Inputs)
