Total amount raised
₹300 Millions
Latest funding date
03/01/2017
Location
Magicbricks has successfully raised funding through various rounds, with its last known funding type being Venture - Series Unknown. The platform offers a comprehensive suite of real estate services, including property listings, management, and advisory services.
Keep reading to explore the intricacies of Magicbricks' fundraising journey and the investors backing this innovative platform.
What Is Magicbricks?
Magicbricks, founded in 2006, is a prominent real estate platform based in Noida, Uttar Pradesh, India. The company connects property buyers and sellers across the country, offering a transparent and comprehensive service.
Magicbricks provides a wide range of services, including property listings, property management, real estate advisory, and home loan assistance. The platform also offers premium services like MB Prime and extensive research-based knowledge through MBTV and proprietary tools.
With a workforce of 501-1000 employees, Magicbricks has grown to become a leading player in the Indian real estate market, boasting over 2 crore monthly visitors and 15 lakh active property listings.
How Much Funding Has Magicbricks Raised?
- Funding Round: Venture - Series Unknown
- Amount Raised: ₹300M (approximately $4.5M USD)
- Date: March 2017
- Lead Investors: Times Internet
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds were raised for brand building, product development, seller development activities, and curating information on the portal.
Total Amount Raised: $4.5M USD. Current Valuation: Not publicly disclosed.
Key Investors
The major investors in Magicbricks are as follows:
- Times Internet
- Details: Times Internet is a subsidiary of Bennett, Coleman & Co. Ltd. (BCCL), also known as The Times Group. It is a digital products company and the largest Indian Internet Network.
- Investment Focus Areas: Digital media, online classifieds, e-commerce, internet-based services.
- Notable Investments: Gaana, MX Player, Dineout.
Information about other major investors was not found in the provided sources.
What's Next for Magicbricks?
Magicbricks is poised to capitalize on several significant opportunities. The platform aims to list over 85% of all available properties and attract more than 50% of property seekers. This ambitious goal could significantly boost its market presence and revenue streams.
To support this growth, Magicbricks has increased its authorized share capital and approved the issuance of additional preference shares. These steps indicate a strong potential for future fundraising, which will be crucial for scaling operations and enhancing the platform.
However, challenges such as prolonged sluggishness in the real estate market and high operational costs, especially in advertising, remain. Competition from other property portals and the need for continuous innovation will also test Magicbricks' resilience in the evolving market landscape.
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