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HouseEazy’s revenue crosses Rs 2 Cr in FY23, losses spike 3.8X

  • April 2, 2024
  • By Team TheKredible
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Founded in 2021, proptech firm HouseEazy witnessed a drastic spike in its scale in its second year of revenue generation. It’s top line grew to Rs 2.8 crore in FY23 as compared to FY22’s Rs 8,680.

While the last fiscal saw over Rs 2.7 crore coming in from operations, FY22’s revenue was entirely seen coming in from operations.

Based out of Noida, HouseEazy was founded by Deepak Bhatia and Tarun Sainani. It is a new age AI driven reseller platform for residential properties.

The platform uses a machine learning-based price discovery algorithm that considers data such as on-ground market trends, registry records, demand and supply analysis, apartment details, and past transactions.

Till date, the platform has raised over Rs 11.2 crore over 2 fundraises. It last raised Rs 8.3 crore in its extended Seed round led by Antler. India Accelerator, AC Ventures, Agility Ventures, Finvolve Ventures, Pirojsha Godrej were some of the others who participated in the round.

Post the infusion, both founders held an equal share of over 35% each, while investor Antler held over 4% shares of the company.

HouseEazy’s current valuation stands at Rs 65.92 crore.

It previous had secured close to Rs 3 crore in its Seed round held on 2022 with Veena Jindal taking the lead. The likes of Deep Bajaj, Neeraj Jindal, Shashi Chander Bajaj, Renu Gupta, Santosh Gupta, Rashmi Mhatre, and Vickash Chowdhury were among those who participated in the round.

As for its losses for the fiscal year ending March 2023, it saw a 3.8X rise to Rs 44.1 lakhs as compared to its preceding fiscal year’s Rs 11.7 lakhs. The company’s EBITDA and ROCE saw an improvement to -12.86% and -10.20% respectively the same fiscal.

As for the expenditure of the company, employee benefits cost close to Rs 1.5 crore, while commissions and promotional costs contributed close to Rs 70 lakhs and about Rs 30 lakhs respectively.

This pushed the company’s total expenses to Rs 3.23 crore in FY23, a huge hike in comparison to FY22’s Rs 11.7 lakhs.