MagicBricks raises $4.4 million funding from The Times Group

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Property listings website MagicBricks has raised Rs30 ($4.48 million USD) from its parent- Times Internet Ltd- reports Live Mint.

Times Internet subscribed to 30 million or 10% non-cumulative optionally redeemable preference shares of MagicBricks Realty Services Ltd, which runs, on 3 January, according to the documents.

MagicBricks says it will use the funds towards brand building initiatives, product development, seller development activities and curating information on the portal, its chief executive officer Sudhir Pai said.

“We see ourselves playing a much larger, more helpful role in the property buying or renting process of a consumer. Our primary effort is to further scale the core platform from a traffic and a listing acquisition perspective. We’re aiming to have over 85% of all available properties to be listed on MagicBricks and to aggregate over 50% of all property seekers on our site,” Pai said.

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