MagicBricks Announces 47% Growth In Revenues In Q1 FY19

MagicBricks Announces 47% Growth In Revenues In Q1 FY19

SUMMARY

MagicBricks recorded such a high revenue growth due to factors like product innovation, new revenue streams, and market buoyancy

The company will focus on leveraging its scale and market position to push deeper into the market

It also plans to launch a chat-based communication interface, a Brand Store, and a MagicBricks TV content platform

Noida-based online property solutions provider MagicBricks has announced a growth of 48% in Q1 FY19 revenues for its online operations, reaching $6.9 Mn (INR 47.5 Cr).

The factors driving the revenue growth were product innovation, new revenue streams, and market buoyancy.

Building Blocks Of MagicBricks

Sudhir Pai, CEO, MagicBricks, believes that the company is leveraging its scale and market position to push deeper into the market. “We’ve now aggregated about 80% of all supply and about 60% of all buyers in the market,” he added.

He further said that about 45% of all landlord listings on MagicBricks are now exclusive to the company. Besides scale, it will continue to innovate on new services that help curate, enrich information, and enable buyers and sellers to transact on its platform.

The company hosted over 1.1 Mn active properties as on June 30, 2018, with over 45K properties being added daily. It also claimed to be leading its “nearest competitor” (which it did not name) by 30% in properties for sale and 70% in properties for rent.

Other major players in the online real estate segment include Quikr, which launched QuikrRealty, an online-offline brokerage business in both B2B and B2C domain, apart from 99acres.com, Housing.com, Proptiger.com, and Square Yards.

The platform reportedly had more than 45K active paid sellers by the end of June 2018, out of which 2,400 were developers, 14K were brokers, and the remaining 29K were paying individual sellers or landlords.

The company also said in a media statement that its new products — a certified agent programme, remarketing solutions, and an e-auction platform — have been well received.

A Three-Pronged Strategy For Growth

MagicBricks has a three-pronged strategy in place and it plans to remain strongly focused both on growth and profitability. It plans to:

  • Continue aggressively scaling on its core platform
  • Reposition itself from being a discovery platform to a full-stack solution
  • Build a number of adjacent products and services to enhance the entire ecosystem

The company is further looking forward to launching a chat-based communication interface to address the privacy concerns of buyers, a Brand Store, and a MagicBricks TV content platform. It will launch these exclusive services on its online platform only.

“Brand Store will aim to help aspiring developers, both mid-size and small, to scale up, build brand values, and be loved by consumers. MagicBricks TV will attempt to simplify real estate for end users by un-complicating it,” the company said in an official statement.

The e-auction platform will also see the launch of exclusive projects by developers, who have also taken a liking for this new innovative sales channel.

According to a blog published in 2017, the real estate business in India is expected to touch $180 Bn by 2020. Of this, a major part is the brokerage industry, which is increasing at the rate of $4 Bn per year.

 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

MagicBricks Announces 47% Growth In Revenues In Q1 FY19-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

MagicBricks Announces 47% Growth In Revenues In Q1 FY19-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

MagicBricks Announces 47% Growth In Revenues In Q1 FY19-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

MagicBricks Announces 47% Growth In Revenues In Q1 FY19-Inc42 Media
MagicBricks Announces 47% Growth In Revenues In Q1 FY19-Inc42 Media
You’re in Good company