About the 99acres.com Portal
People in today’s busy society just do not have the time to walk outdoors and look for homes or properties. Or perhaps finding a home in the new city is difficult for a family moving from Mumbai to Pune. But today, things are not as challenging. We’re grateful for real estate property search websites. 99acres.com is one of the top property search websites used by thousands of Indians. Here is the history of India’s top property website, 99acres.com. Sanjeev Bhikhchandani, an entrepreneur who has won the Padma Shri award, launched 99acres.com in 2005. Currently, 99 acres is one of India’s top real estate search portals, helping you purchase, sell, and rent properties. You may find and advertise commercial properties, forthcoming real estate projects, PGs, and co-working and co-living spaces with 99acres.com in addition to residential properties. Through the website, you can also find sellers in a certain location.
About the Founder
A well-known name in Indian business is Sanjeev Bikhchandani. Bikhchandani, an economist and IIM Ahmedabad alumnus, was born in Delhi in 1964. Bikhchandani showed an early propensity for entrepreneurship Journey and dabbled in a number of minor businesses. The original job search website in India is Naukri.com, which was created by Sanjeev Bikhchandani. Bikhchandani came up with the concept for Naukri.com while he was working from a tiny servant’s quarters above a garage. Naukri.com’s first investment was only Rs 2000. In the future, Naukri.com became the first dot-com business to float on the Indian stock exchange. Sanjeev Bhikchandani is the creator of well-known websites including siksha.com, naukrigulf.com, and jeevansathi.com in addition to 99acres.com and naukri.com. He has garnered numerous accolades and prizes for his contributions to the Indian business and economy. Everything real estate-related is complicated and frustrating, especially if you’re a buyer [real-estate-startups-india/]. The continual nagging by middlemen and sellers, the poor communication, and the helter-skelter behavior were all.
99acres.com Growth
99acres.com is doing well and has made a significant contribution to the expansion of its parent firm Info Edge. Info Edge’s revenue in the second quarter of 2019 increased from Rs 265 crores in the second quarter of 2018, to Rs 316.6 crores. 99acres.com’s 20% gain in revenue and billing over the same period contributed to this increase in revenue. Hitesh Oberoi, the MD, and CEO of Info Edge India Ltd, stated that 99acres.com’s growth is slowing down as a result of the recession in the real estate sector in January 2020 interview with ETNOW. However, he believed that in a year or two, things will improve.
The COVID-induced lockdown also had negative effects on the real estate sector, which decreased 99acres.com’s revenue. 99acres.com’s billings decreased 24% year over year in the fourth quarter of FY 2020, from INR 66.7 Cr to INR 50.7 Cr. To reach INR 56.4 Cr in Q4 of FY 2020, revenue climbed by 3.6% year over year. It is INR 2.2 Cr for Q4.
For FY 2020, sales and billing both had annual increases of 3.5% and 18.8%, respectively. As a result, billing for the fiscal year 2020 is INR 213.9 Cr, and revenue is INR 228 Cr. For Fiscal Year 2020, EBITDA is 8.4 Cr. Due to the Lockdown, traffic to 99acres.com dropped to single digits; however, it is currently gradually increasing.
