Real estate listings portal Magicbricks reported an 11% YoY increase in its revenue to Rs 41.1 crore for the quarter ended December. The company posted a 36% growth in sequential quarter-on-quarter revenue. These numbers are revenues from external customers only and exclude any group company revenues or revenues from bundled products, it said. Magicbricks CEO, Sudhir Pai said the company has seen 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 have managed a strong uptick in revenues in Q3 driven by strong traction in traffic, listings, active customers and innovation-led new revenue streams," he said in statement to the press. While transactions have remained weak, Pai said there has been an overall revival in customer sentiment. Magicbricks is a subsidiary of Times Internet Ltd, the digital arm of The Times of India Group. Other highlights Magicbricks said that it had successfully launched an auction-based bidding platform with M3M developers in which over Rs 230 crore of properties were sold. The company also entered into strategic partnerships with PNB Housing Finance, Oriental Bank of Commerce to e-auction their repossessed properties. The competition In November, 99acres, the real estate portal from Info Edge, reported an EBITDA level profit of Rs 40 lakh for the quarter ended September 2017 (Q2FY18). 99acres had posted an EBITDA loss of Rs 13.1 crore in Q2 of FY17. Info Edge CEO Hitesh Oberoi said that this was helped by a…
- ONDC September Round-Up: AI, grievance redressal, financial services, Google, exports, and more September 30, 2023
- ‘The Liver Doctor’ X account suspended following defamation case by Himalaya Wellness Corporation September 29, 2023
- Bombay HC to Pronounce Judgment on Fact Check Amendment on December 1st, Stay on Notification to Continue Until Then September 29, 2023
- Here’s how web publishers can opt out of Google crawlers scraping website data to train AI models September 29, 2023
- Parliament Standing Committee Calls For A Monitoring Group To Check Technological Readiness For Digital Education Projects September 29, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...