New Delhi [India], Jan 30 (ANI-NewsVoir): Magicbricks, India's No.1 property site, on Tuesday announced a strong Q3 performance posting a 36 percent sequential QOQ revenue growth, furthering its leadership position in the online real estate industry.
It reported quarterly revenue of Rs. 41.1 crore at an impressive 11 percent YoY growth. These numbers are revenues from external customers only and exclude any group company revenues or revenues from bundled products.
"We are really glad to see an upswing in business in the last two quarters, after a challenging start to Q1 of the current financial year. Due to a concerted effort, we've managed a strong uptick in revenues in Q3 driven by strong traction in traffic, listings, active customers and innovation-led new revenue streams" said Sudhir Pai, CEO, Magicbricks.
As per Comscore, Magicbricks had 34 percent traffic market share, by unique visitors. During this period, Magicbricks had 40 percent more unique visitors than the No.2 player and is 27percent ahead on traffic, with a trend of consistent market share gains.
While transactions have remained weak, Pai said that there has been an overall revival in customer sentiment.
"We are seeing an improvement in customer sentiment though the trade side recovery is expected to be more gradual. Our data suggests that 15 lakh buyers searched for homes in 2017 and we hope that this pent-up demand will soon translate into sales. We expect growth momentum to continue as our new products scale up," he added.
Magicbricks has invested in a new thematic marketing campaign "Property Ka Supermarket" and continued to make significant investments behind new product development and technology. Magicbricks had successfully launched an auction-based bidding platform with M3M developers in which over Rs. 230 crores of properties were sold.
In an industry-first move, Magicbricks has also entered into strategic partnerships with India's leading housing financial institutions PNB Housing Finance Limited, Oriental Bank of Commerce and to e-auction their re-possessed properties. The company has also launched a first of its kind Experience Centres in Bangalore and Pune.
In the coming quarter, Magicbricks has announced a 'Big Bang Home Carnival' Online fair in association with State Bank of India. The company has also announced that it plans to scale up its Agent Monetisation and Certifications programs, besides continuing to invest behind product and technology innovations. (ANI-NewsVoir)