Consolidation in business works. Take the case of QuikrHomes, the real estate vertical of the Tiger Global-funded online classifieds listing platform Quikr, which has jumped to number one spot in terms of unique visitors...
Consolidation in business works. Take the case of QuikrHomes, the real estate vertical of the Tiger Global-funded online classifieds listing platform Quikr, which has jumped to number one spot in terms of unique visitors after its acquisition of CommonFloor in January this year.
As indicated by data from analytics firm ComScore, QuikrHomes has established a clear lead with 11.28 million unique visitors during the four months between January and April this year, 47% higher than its nearest competitor Magicbricks.com, which was leading the market till December 2015.
However, in May, Magicbricks had an edge over QuikrHomes with 1.81 million unique visitors as compared with QuikrHomes’ 1.57 million unique visitors.
During the January-April period, Magicbricks.com attracted 7.67 million unique visitors, while 99acres.com, which was at second position last year, has been pushed to third position, recording 5.66 million unique visitors. Meanwhile, the SoftBank-funded Housing.com, which shifted its focus from rentals to buying and selling of properties, was ranked number four, with 2.24 million unique visitors.
However, for the four months between September and December 2015, Magicbricks.com was leading the charts with a combined 11.3 million unique visitors, while QuikrHomes was still building its profile. Quikr strengthened its home vertical with the launch of QuikrHomes in September 2015 after testing the beta version for five months. Subsequently, it acquired property search website CommonFloor.com in January this year. CommonFloor was the fourth-largest player with less than half number of unique visitors compared to Magicbricks.com, at 5.3 million unique visitors until December 2015.
Speaking with FE, Manish Sinha, executive vice-president at QuikrHomes, said, “We are growing by over 30% since we started our portal in September. Visitors have been coming to our portal through the main website Quikr since 2008, but after we launched QuikrHomes as a separate vertical in September, we are growing rapidly.”
He said Quikr stands out in the market because of its premium listings and value-added content it offers to home buyers. “We don’t keep the listings information constant. We keep deleting at regular intervals and retain only relevant information, which helps us attract quality visitors to our portal,” Sinha added.
As per a Google study in 2014, the internet-influenced residential real estate sales were to the tune of $31 billion in 2014 in India. The survey was conducted across 15 cities, including Delhi-NCR, Mumbai, Pune and Bengaluru, with over 6,000 respondents. This figure is expected to go up to $85 billion by 2020 as against the overall industry size of $180 billion, touching almost half of the total sales. Google is yet to come out with a latest survey on the industry.
In terms of listing, too, Quikr and CommonFloor are leading with the highest number. As per an independent analysis carried out by Quikr based on data available on various platforms, Quikr had the highest listings at 6.76 lakh as of April 2016, compared with Magicbricks at 6.59 lakh listings, followed by 99acres at 5.6 lakh listings and Housing.com at 3.26 lakh listings. “Though profitability will not be our focus at this stage, we are on a good trajectory. We will invest more in newer technologies like Street Vision to grow the portal further,” Sinha said.
Quikr reported a revenue of Rs 24.78 crore for the year ended March 2015, while its net loss was Rs 446 crore. For the same period, CommonFloor.com reported a revenue of Rs 45 crore and a net loss of Rs 87 crore. Magicbricks reported a revenue of Rs 9.03 crore, while net loss stood at Rs 22.29 crore for 2014-15.