Melbourne-based REA Group owned Housing.com reports 46% rise in India revenue in FY23

Melbourne-based REA Group, owner of Housing.com, PropTiger.com, and Makaan.com, reported a 46% rise in its revenue from India in the financial year ended June 2023, while their Australian business saw a mere 1% uptick. India's share in the group's overall revenue has expanded to 6.7% in FY23 from 4.8% in FY22, REA said in an investor presentation.

REA India posted a revenue of Australian $79 million for FY23 ended June against A$54 million in the previous year. As per the presentation, Housing.com's core business has undergone significant growth with both broker and developer segments witnessing robust expansion driven by the implementation of price and product bundling strategies. "Expansion into three new tier-2 cities, and the launch of premier depth product for resale agents also supported growth with customer growth up by 25% YoY," the company said.

REA India opened offices in Indore, Goa and Vadodara last fiscal and it plans to open offices in three other tier-2 cities Bhopal, Bhubaneshwar and Vijayawada in FY24. The company registered nearly 200% growth in tier-2 markets in FY23. Improvement in traffic majorly contributed by the growth of mobile audience by 48% year on year in June. The mobile audience is the highest till date and accounts for 89% of the overall audience of REA India.

REA's ownership stake in REA India increased to 78% as on June 2023, from 73.3% in June 2022. Owen Wilson, global CEO of REA Group, had told last year that the company was prioritising increased investments in India over Australia. Since 2017, the company has injected nearly $300 million into its ventures in India.