HouseEazy, a Noida-based prop-tech company, recorded a 3.8x growth in revenue, reaching Rs 10.7 crore in FY24, compared to Rs 2.8 crore in FY23. The company, leverages AI-driven technology to streamline residential resale transactions, aims to bring transparency, simplicity, and speed to the property market.
The company’s expenses grew by 3.2x to Rs 10.26 crore in FY24 from Rs 3.24 crore in FY23. Employee benefit costs remained the largest expense, accounting for 38.01% of total expenses in FY24, down from 45.67% in FY23. Advertisement costs, a key component in customer acquisition, accounted for 8.86% of expenses in FY24, compared to 8.9% in FY23. Depreciation and finance costs remained minimal, contributing 0.38% and 2.14% of expenses, respectively, in FY24.
HouseEazy turned profitable in FY24, reporting a net profit of Rs 30.99 lakh, compared to a net loss of Rs 44.13 lakh in FY23. The company’s EBITDA margin improved to 6.71% in FY24, from -12.86% in FY23, while its ROCE also saw an improvement, rising to 3.88% in FY24 from -10.20% in FY23, indicating better capital efficiency.
Founded in 2021 and headquartered in Noida, HouseEazy has raised Rs 69.9 crore in funding over three rounds, with its latest Series A round closing on August 26, 2024. The company’s shareholding structure includes co-founders Tarun Sainani (26.01%) and Deepak Bhatia (26.01%), with an ESOP pool accounting for 9.95%.
HouseEazy continues to strengthen its position in the residential resale space by leveraging AI-driven solutions and a customer-centric approach to enhance the property-selling experience.