MagicBricks has announced strong Q3 performance, posting an impressive growth of 43% on Rs. 37 crore of Q3 revenue. The company also reported YTD FY’17 revenues of Rs. 96.6 crore. The company stated that these figures are online revenues from operations and do not include any group company revenues.
“While there has been short term pressure on the pace of growth post demonetisation, the impact was offset by a series of initiatives across product innovation, traffic growth, channel initiatives and partnership alliances,” the company said in a statement. “The company further plans to grow by launching a series of new business lines around commercial real estate, the rental segment as well as by integrating products such as home loans, movers & packers and assisted selling services on its platform.” Basis the Q3 revenue figures, the company believes that it is now 25-30% bigger than its closest competitor, with a trend of continuous market share gains.
As per comScore data, magicbricks had 41% traffic market share, by unique visitors, in the Jan-Nov’16 period. In this period, Magicbricks had 51% more unique visitors than the No 2 player. The quarter saw a slew of product innovations led by launch of an innovative Experience Centre, revamp of a popular pricing-discovery app called as PropWorth and launch of new B2B apps for the broker community among others. The company also attributed its strong Q3 performance to market-deepening initiatives led by a ‘Dream Home Festival’ conducted in the pre-Diwali festival season. Magicbricks and State Bank of India also recently announced a partnership to create India’s largest Home Fest to be conducted in Feb.
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