Online real estate aggregator, MagicBricks bags funding of $4.48 million from Times Group Pvt Ltd. According to RoC (Registrar of Companie), Times Group has 10% of non-cumulative, optionally redeemable, preference shares in MagicBricks Realty Services Ltd.
Founded in the year 2006, Times Groups owned MagicBricks is a real estate portal that offers a platform for property buyers and sellers to locate properties of interest. The company claims to be India’s No.1 online property site.
Sudhir Pai, CEO of Magicbricks said, “We see ourselves playing a much larger, more helpful role in the property buying or renting process of a consumer. Our primary effort is to further scale the core platform from traffic and a listing acquisition perspective. We’re aiming to have over 85% of all available properties to be listed on MagicBricks and to aggregate over 50% of all property seekers on our site.”
Earlier, in March 2016 MagicBrick acquired a Bangalore-Based Property Analytics Startup ProperJi.com for an undisclosed amount valuation. Prior to that, MagicBricks along with Info Edge Ltd togeather owned 99acres, which represents the first generation of property portals that evaluated in mid-2000.
The company will use its freshly raised funds in Brand Development, Expansion of Product and marketing initiatives.
As per now, Times Internet Pvt Ltd has signed up for 30 million or 10% non-cumulative optionally redeemable preference shares of MagicBricks Realty Services Ltd, which runs MagicBricks.com.
Other players in real estate have also been raising and acquiring startups. PropTiger has acquired Makaan.com in April 2015 to launch O2O platform. After this, Softbank backed Hosing.com have merged with PropTiger in order to produce more real estate content. In January 2016, online Classified portal, Quikr has acquired Common floor. Reports are that Quikr has paid $120 Million where the determined value of Commonfloor $150 Million.
In India, real estate is the second largest employer after agriculture and is slated to grow by 30 percent over the next decade. During April 2000-March 2016, total cumulative inflows in the construction development sector accounted for 8.4 per cent of total inflows into the country.
According to a report by Alexa Study, MagicBrick is the country largest online real estate portal with 41.70% of traffic share followed by 99acres-32.50%; Commonfloor-32.70%, IndiaProperty- 26.30% and Housing.com – 19.50%.
This quotes that Times group have made a good investment on their MagicBricks and hopes to get their return as soon as possible. Read more about real estate
Love playing sports? Download this app "Win cash rewards while playing sports that you love".