Indian Portal 99aces Sees Revenue Jump Up 22% in Q3

The Indian online marketplace operator and parent of the 99acres portal, Info Edge has released its results for the third quarter of the Indian 2023-2024 financial year. Highlights of the company's performance for the period include:

• Total company revenue of INR 595 crore ($71 million) representing growth of 7.2% year-on-year.
• Revenue for the 99acres portal was up 22% at INR 0.9 crore ($10 million).
• Pre-tax losses for 99acres stood at INR 147 million, ($1.8 million), a 43% improvement year-on-year.

While announcing the results, Mr. Hitesh Oberoi, Managing Director and Chief Executive Officer said:

“Efficient execution in the 99acres and Jeevansathi businesses spurred top-line growth and helped reduce burn during the quarter. While the non-IT hiring sector remained robust, the continued slowdown in IT hiring impacted Naukri's growth.”

As well as the 99acres real estate portal, Info Edge also runs the popular jobs vertical Naukri as well as the matrimonial site Jeevansathi and educational site Shikasta.