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Times Internet Pumps In $4.48 Mn In Real Estate Portal MagicBricks

Times Internet Pumps In $4.48 Mn In Real Estate Portal MagicBricks

Online real estate portal MagicBricks has secured $4.48 Mn ( INR 30 Cr) from Times Internet Ltd. According to the documents filed with the RoC (Registrar of Companies), Times Internet, which owns, subscribed to 10% of non cumulative, optionally redeemable, preference shares of MagicBricks Realty Services Ltd.

The company plans to utilise the freshly infused funds towards product development, brand building, and marketing initiatives, as reported by Mint.

Founded in 2006 as a business owned by Times Business Solutions Ltd, MagicBricks is a real estate portal that offers a platform for buyers and sellers to locate properties of interest and find information about the real estate sector. The venture which is currently a 100% subsidiary of Times Internet, hived off as a separate entity in 2015.

This funding is the latest in the spree of consolidation deals in the online realty space. Earlier in March 2016, had acquired Bengaluru-based property analysis platform, for an undisclosed amount. Other players like PropTiger acquired, in April 2015, to launch an O2O platform, aiding consumers throughout their home buying journey, from initial search and discovery to the final step of transaction closure. Online classifieds portal Quikr acquired Commonfloor, in January 2016.

Whereas, in January 2017 Softbank-backed announced its merger with rival PropTiger. As part of the transaction, PropTiger’s eventual investor REA Group Limited will invest $50 Mn in the joint entity, with an affiliate of SoftBank Group pumping in another $5 Mn.

It further competes with players like 99acres which is owned by Info Edge Ltd, NoBroker and others.

Times Internet, one of the largest media and entertainment conglomerates in India, is spreading its reach across sectors – from couponing, to ecommerce, to real estate. In February 2017, Times Internet even forayed into insurance by launching an online insurance distribution platform, ETInsure. Furthermore, it has invested in 23 startups like BYJU’S, Ridlr, Voonik, MintM to name a few, till date. The company has also been strengthening its portfolio by acquiring companies like Willow TV, Viral Shots, Dineout and more.