Housing.com not actively seeking acquisition, open for interesting opportunities: CEO Dhruv Agarwala

Mar24,2024



New Delhi: Proptech firm REA IndiaWho is the owner of housing.com and proptigernot actively looking acquisition for further development but the company is open to evaluating “interesting” opportunities that complement the business or help it acquire new technologies, its CEO Dhruv Agarwal Said. REA India, which is part of Australia-based REA Group, will focus on strengthening both its businesses – real estate classifieds platform Housing.com and residential brokerage portal PropTiger.com, he said.
In an interview with PTI, Agarwal, who is also the CEO of Housing.com and PropTiger, said there are no plans for acquisitions in the near future.
However, he added, “We're always open if there's an interesting opportunity that could help us bring in better talent or help fill a product gap like we did for mortgages, or If we see an interesting technology. In that sense we are open, but not actively looking for an acquisition.
He emphasized that the focus will be on developing and strengthening existing businesses.
Aggarwal said monthly web traffic on Housing.com exceeds 20 million and the company will focus on growing this number to gain a significant edge over competitors.
Additionally, he said the company will also focus on increasing traffic on the Housing.com app, where consumer engagement is better leading to quality lead generation for its customers – real estate developers and property brokers.
Agarwal said traffic on the Housing.com app increased by 43 percent in the first six months of the financial year 2023-24 ending in June.
REA India's revenue grew 21 per cent to AUD 44 million (about Rs 240 crore) during the July-December period.
In the year-ago period, revenue was AUD (Australian dollar) 36 million.
Agarwal highlighted that revenue from its core businesses – advertising and housing brokerage – grew 32 per cent to AUD 32 million.
But the adjacent business, where it provides other related services to customers such as movers and packers, insurance and mortgages, remained stable at AUD 12 million.
REA India's revenue grew by 46 per cent to over Rs 430 crore in financial year 2022-23 (July-June), compared to around Rs 300 crore in 2021-22.
Asked about the timeline for achieving break-even, Agarwal said the company's losses peaked in 2022-23 and would continue to reduce every financial year.
“We will continue to invest in the business to enhance our market leadership and become the clear number one in the Indian market. Having said that, you know, as we promised the analyst, we will reduce year-on-year losses. Will continue to reduce after FY'23,” he said, adding that there has been a reduction in the first half also.
In December 2020, Australia's REA Group acquired a controlling stake in Elara Technologies, which previously owned these three portals, and renamed it REA India.
Housing.com, founded in 2012, is a proptech platform for home owners/home seekers, landlords, developers and real estate brokers.
It provides listings of new homes, resale homes, rentals, plots, commercial spaces and co-living spaces in India.
Established in 2011, PropTiger.com is a housing brokerage firm. Makaan.com is an advertising platform.



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