Buying and renting properties has always been an issue for everyone. It is where MagicBricks comes into the scene. It is a property that will help people buy or rent the best properties in India. It is the best real estate site in India. The new generation always prefers renting houses over buying houses with huge loans and down payments. They instead prefer renting their dream houses and investing that money in some other more profitable assets. MagicBricks offers a lot of options to its customers and serves them to the fullest. Let’s get to read the success story of this great startup, MagicBricks.
MagicBricks Startup – Key Highlights
- Company Name – MagicBricks
- Founded – 2006
- Founder – Sudhir Pai
- Headquarters – Noida, Uttar Pradesh, India
- Parent Organization – Times Internet
- Industry – Real Estate
- Website – www.magicbricks.com
Magicbricks – Real Estate Marketplace
Magicbricks is an online marketplace for both buyers and sellers of real estate. Times Internet Limited is the parent firm of the corporation, and Bennett, Coleman & Co. Ltd. owns 100% of the company. It also gives a wealth of source information on all aspects of real estate. Aside from that, Property Pulse is a news area that covers property news, home loan concerns, legal and taxation difficulties, expert opinion, and property trend analysis.
MagicBricks Startup Founder – Sudhir Pai
The founder of MagicBricks is Sudhir Pai. He was the sales department’s head at Times Group. Sudhir also worked as a Corporate Manager at Citibank and Hindustan Lever Limited. Sudhir graduated from Goa Engineering College and MBA from Symbiosis Centre for Management and Human Resource Development.
MagicBricks – Brand Name, Logo, and Tagline
- Brand Name – The Company’s brand name denotes its work and purpose.
- Logo – The Company’s logo is black and red color on a white background.
- Tagline – The Company’s tagline is ‘Property Sahi Milegi Yahi’.
MagicBricks – Funding and Investors
MagicBricks rose funding of INR 30Cr from Times Internet Ltd. (Present Company). They will use the fund to build brand initiatives and improve the platform for the users. MagicBricks is also aiming to list more than 85% of the properties on their website.
MagicBricks Startup – Business Model
The business model of the company is based on several revenue models. Firstly, they charge the advertisements made by the persons for a premium listing for particular products. MagicBricks also charges a fee for listing the properties, and it is better than free listings. They also highlight all the different properties with different colors on their website. MagicBricks provides actual locality photographs with perfect location.
MagicBricks – Revenue Model
The revenue model of the company is as follows:
- Portal Searches : MagicBricks earned money through all the searches made on its website. They provide numerous facilities for its customers, and there is also a luxury section on the website.
- Advertisements : They earn money through the banners that the companies use to advertise their products. Thus, advertisements are one of the significant sources of revenue for MagicBricks.
- Personalized Services : The company provides benefits like astrology, Vaastu, etc., to its users. Thus, users will not have to waste money, and the company also makes money through this.
MagicBricks – Growth Numbers
- The company reported around 48% growth in the first quarter and 74% growth in the second quarter of 2020.
- MagicBricks got downloaded more than five million times on the Play Store website.
- It is only a real-estate app to see these kinds of growth factors.
MagicBricks Startup – Top Competitors
MagicBricks is one of the most prominent players in the market. It still has a lot of competitors in the market. Some of them are as follows:
- 99acres: It generates less revenue than MagicBricks. Revenue - $11.3 million
- Housing.com: It generates 104% of the revenue of MagicBricks. The company’s headquarters is in Gurgaon, Haryana.
- Commonfloor: It has fewer employees than MagicBricks. The company’s headquarters are in Bengaluru, Karnataka.
MagicBricks – Future Plans
Some of the upcoming plans of the company ay are as follows:
- MagicBricks is planning to build an even better workplace for their workers.
- MagicBricks will encourage creativity amongst its team and bring more neutrality amongst the group.
- They will also insert more technological things into the app for the convenience of the users.