MagicBricks, a property listings website has raised INR 30 crore from its parent company, Times Internet Ltd, according to documents that filed with the Registrar of Companies.
Times Internet owns 10% or INR 30 million non-cumulative optionally redeemable preference shares in the MagicBricks Realty Services Ltd, that runs MagicBricks.com.
The firm said that it will use the funds towards product development, seller development activities, brand building initiatives and curating information on the portal, said Sudhir Pai, Chief Executive Officer (CEO).
“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,” said Sudhir.
The company had approved a resolution to upsurge the sanctioned share capital to INR 145 crore from INR 85 crore earlier, in September. It issued INR 60 crore worth of preference shares “to accommodate the funding requirements which include funds required for meeting the working capital requirements and for other purposes.”
MagicBricks that was started in 2006 as a business owned by Times Business Solutions Ltd, was later hived off as a separate entity in 2015. The company is currently a 100% subsidiary of the Times Internet.