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MagicBricks Q3 revenue up 43% despite demonetisation

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MagicBricks Q3 revenue up 43% despite demonetisation

Revenue for the three months ended December climbed to Rs 37 crore, taking the year-to-date total to Rs 96.6 crore.

MUMBAI: MagicBricks, the leading platform for buying, selling and renting property, posted a 43% jump in revenue in the third quarter even as the market suffered a temporary slowdown because of demonetisation.

Revenue for the three months ended December climbed to Rs 37 crore, taking the year-to-date total to Rs 96.6 crore. The turnover consists of online revenue from operations and does not include any group company revenue.

MagicBricks is a division of Times Internet Ltd, a wholly owned subsidiary of Bennett, Coleman & Co. Ltd., which also owns the Economic Times.

The company attributed its third-quarter performance to market-deepening initiatives led by a ‘Dream Home Festival’ conducted in the pre-Diwali festival season.

“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,” it said in a statement.

The company, citing the latest revenue figures, said it is now 25-30% bigger than its closest competitor. “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,” it said.

According to US media measurement and analytics company comScore, MagicBricks had 41% traffic market share by unique visitors in the January-November 2016 period and 51% more unique visitors than the No. 2 player.

There was a slew of product innovations in the third quarter, led by the launch of an innovative Experience Centre, revamp of a popular pricing-discovery app called PropWorth and the launch of B2B apps for brokers, among others.

MagicBricks and State Bank of India recently announced a partnership to create India’s largest Home Fest to be held in February.

Source: economictimes.

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