Magicbricks, the platform for buying, selling and renting property, posted a strong 30% jump in revenue at Rs 36 crore in the fourth quarter ended March 2017 despite a temporary slowdown because of demonetisation. For the full year ended March 31, 2017, the company's revenue grew 20% to Rs 132.6 crore.
The turnover consists of online revenue from operations and does not include any group company revenue. "While there has been a short-term pressure on the pace of growth post demonetisation, we saw search queries recovering strongly in the January-March 2017 quarter, indicating a revival in consumer sentiment. We beat the slowdown through a series of initiatives across product innovation, traffic growth, channel initiatives and partnership alliances,” said Sudhir Pai, CEO of Magicbricks. Going by the FY17 revenue figures, the company believes that it is now 20% bigger than its closest competitor in revenue terms.
In the current financial year, the company plans to grow by launching a series of new business lines around commercial real estate, rental segment, luxury and NRI segments as well as by integrating products such as home loans, experience centres and assisted selling services on its platform. As per comScore data, Magicbricks had 43% traffic market share, by unique visitors, in the January-March 2017 period. During this period, Magicbricks had 74% more unique visitors than the No. 2 player.
