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India’s Magicbricks releases Q2 report with revenue up by 74%

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Magicbricks, a real estate portal that services India, has released its Q2 revenue report, showing a 74% on-year growth, with revenue hitting 55 crore (about US$7.48 million), heading towards a high double-digit breakout growth in the same category.

The previous quarter saw revenue grow 48% on-year to Rs 47.5 crore, Magicbricks said in a release. The company also said the Magicbricks Android app had hit five million downloads, making it the only one in its category to achieve the milestone. Magicbricks is part of Bennett, Coleman & Co Ltd, which publishes ET. Robust performance in consecutive quarters has put the company on a high growth trajectory in this fiscal and signals early signs of a much-awaited turnaround for the real estate industry that witnessed a slowdown in the past three years.

The company attributed September quarter performance to a combination of factors, such as a substantial increase in traffic and searches, gains in wallet share in the developer segment ahead of the festive season, successful high-impact and exclusive digital marketing campaigns for select customers, the launch of an exclusive-deals only website, e-auctions and certified agents programme. These factors underpinned performance across most key metrics like traffic, supply and average revenue per advertiser (ARPA), consolidating Magicbricks’ position as the preferred portal for buyers and sellers, the release added.

“Scale has now started helping us gain significant leadership across multiple key metrics, as we continue to widen our leadership,” said Sudhir Pai, chief executive, Magicbricks. “We have innovation-centric DNA and have built not just the largest suite of products for buyers and sellers but also several unique solutions such as a chat-based solution for privacy, an auction platform, a deals section and services for do-it-yourself sellers.”

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