Total amount raised
₹300 Million
Latest funding date
03/01/2017
Location
Magicbricks has raised funding in a Venture - Series Unknown round, with Times Internet as the lead investor. The platform offers a comprehensive suite of services for buying, selling, and renting properties in India.
Keep reading to explore the intricacies of Magicbricks' fundraising journey and the investors backing this innovative platform.
What Is Magicbricks?
Magicbricks is a prominent real estate platform based in Noida, Uttar Pradesh, India. The company operates in the commercial real estate, online portals, and real estate industries. It employs between 501 and 1000 people.
Magicbricks offers a wide range of services related to buying, selling, and renting properties in India. The platform provides property listings, home loans, interior design services, and expert real estate advice, catering to various user needs.
How Much Funding Has Magicbricks Raised?
- Amount Raised: INR 300,000,000 (approximately USD 4.5 million)
- Date: March 2017
- Lead Investors: Times Internet
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds were aimed at brand building initiatives, product development, seller development activities, and curating information on the portal.
Total Amount Raised: USD 4.5 million. Current Valuation: Not publicly disclosed.
Key Investors
- Times Internet
- Details: Times Internet is the digital arm of The Times Group, India's largest media conglomerate. It operates various digital products and services across news, entertainment, classifieds, and more.
- Investment Focus Areas: Digital media and services, online classifieds, news and entertainment platforms, e-commerce, fintech solutions
- Notable Investments: Gaana, MX Player, Dineout
What's Next for Magicbricks?
Magicbricks stands at the cusp of significant growth opportunities. With plans to list over 85% of all available properties and attract over 50% of property seekers, the platform is poised to dominate the Indian real estate market. Leveraging funds for brand building, product development, and seller development activities, Magicbricks aims to scale its core platform, increasing traffic and listings.
Future fundraising efforts could focus on further scaling operations, enhancing technology, and expanding market reach. The trend of industry consolidation suggests that Magicbricks might either acquire smaller competitors or be involved in mergers to strengthen its market position.
However, challenges such as prolonged sluggishness in the real estate market, high advertising costs, and competition from other property portals like 99acres and Housing.com could pose hurdles. Despite these challenges, Magicbricks' strategic initiatives and strong market presence position it well for future success.
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