MagicBricks Acquires Majority Stake in PropViz
Deal News | Dec 13, 2024 | Aim Group
India's leading real estate marketplace, MagicBricks, has acquired a majority stake in proptech startup PropViz, although the financial details remain undisclosed. Founded in 2019, PropViz offers advanced 3D visualization and immersive technology through its BlueTickVR and Convrse Spaces brands. These tools are poised to enhance MagicBricks' offerings by providing real-time inventory insights and immersive experiences for developers. As articulated by MagicBricks CEO Sudhir Pai, the acquisition aligns with MagicBricks' full-stack positioning strategy by adding a comprehensive range of developer solutions from project prelaunch to completion. Over recent months, MagicBricks has launched significant initiatives including Site Visits, MagicHomes, and PropWorth. This strategic acquisition represents a significant step forward in MagicBricks' ambition to dominate the real estate technology space and continue its expansion within the Indian market. MagicBricks is currently owned by Times Internet Limited, a subsidiary of the prestigious Times Group.
Sectors
- Real Estate
- Proptech
Geography
- India – Both MagicBricks and PropViz are based in India, highlighting the regional focus of this acquisition.
Industry
- Real Estate – MagicBricks operates as a real estate marketplace, facilitating property transactions and related services.
- Proptech – PropViz specializes in proptech solutions, providing technological innovations for real estate, such as 3D visualizations and virtual tours.
Financials
- Undisclosed – The sum paid by MagicBricks for the majority stake in PropViz has not been disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| MagicBricks | Acquirer | Company | A leading real estate marketplace in India owned by Times Internet Limited under the Times Group. |
| PropViz | Target | Company | A startup specializing in 3D visualization and immersive technology solutions for the real estate sector. |
| Sudhir Pai | CEO of MagicBricks | Person | Executive leading MagicBricks' strategic expansion in the real estate domain. |
| Times Internet Limited | Parent Company | Company | A subsidiary of Times Group, owning MagicBricks. |
| Times Group | Parent Company | Company | A major media conglomerate in India, owning multiple subsidiaries including Times Internet Limited. |