Korean Proptech Zigbang FY2024: Revenues of $70.9 Million Drop 21.8% Year-on-Year

South Korean proptech firm Zigbang has reported full-year revenue of KRW101.4 billion ($70.9 million U.S.) for 2024, marking its second consecutive year above the KRW100 billion threshold despite challenging market conditions.

Revenue dropped 21.8% year on year, down from KRW129.7 billion in 2023, as the company cited a prolonged downturn in the real estate and construction sectors. However, Zigbang significantly narrowed its operating loss by 30% to KRW28.7 billion ($20.1 million), driven by internal restructuring and operational efficiency.

The losses were largely attributed to non-cash charges related to the 2022 acquisition of Samsung SDS’s Home IoT division, particularly the amortisation of intangible assets.

Cash flow also improved. Zigbang’s EBITDA deficit was reduced by 41% to KRW16.7 billion, an indicator of better underlying financial performance. A company official noted that Zigbang posted an operating profit in Q1 2025, thanks to efforts in cost control and revenue growth in new business lines.

Last year, the company focused on launching agent-focused services and expanding product offerings via its subsidiary Hogangnono. Initiatives included ApartmentPRO and ApartmentBASIC, along with new ad products targeting the resale market.

In its smart home division, Zigbang streamlined production and sales processes to counter external pressures like rising costs and a construction slowdown.

Looking ahead, Zigbang said it aims to scale its B2C smart home offering, grow its B2B construction solutions, and cement its position in the digital housing ecosystem.

Jason Ahn, CEO at Zigbang, said:

"The results of focusing on improving profitability to minimise the impact of the economic downturn are continuing in the first quarter of this year. We will lay the foundation for a performance turnaround by improving new services to activate real estate transactions and launching new smart home products."

Zigbang raised $77 million in 2022 as it chases an IPO. The company is Korea's leading proptech startup and was previously valued at nearly $2bn. The firm was founded as a rentals app in 2012, and also operates property verticals Realty.Daum.net and Hogangnono.com, as well as other subsidiaries in China and the United States.