Sudhir Pai has exited as CEO of real estate marketplace MagicBricks, Inc42 has learnt
Pai intends to take some time to reflect on his next move, according to an internal email sent to the MagicBricks team
MagicBricks, owned by Times Internet, is a marketplace for buying, selling, and renting properties
After helming Times Internet-owned proptech venture Magicbricks (MB) for over 15 years, its CEO Sudhir Pai has tendered his resignation, Inc42 has learnt.
“The last 15 years at MB have been frenetic and I’ve never had time to think for myself; I intend to reflect/recalibrate as I determine what to commit to for the next 10-15 years. There’s been no better time to do this than now when the company is at a stable juncture with a full LT team onboard and a strong organisation wide talent pool,” Pai told employees in an internal email.
Inc42 has accessed the email sent by Pai.
Pai declined to comment on Inc42’s queries on his resignation, while MagicBricks didn’t respond to an email questionnaire. The story will be updated on receiving a response.
Pai’s exit from the proptech business comes at a time when it is doubling down on M&As to bolster its growth trajectory. In December 2024, it acquired tech company PropViz to add 3D visualisation features like virtual walkthroughs and interactive tours to its platform. Earlier, it also acquired AI-powered CRM platform ReadPro to provide brokers with more efficient tech solutions to replace manual processes.
In October last year, Pai, who has led the company since 2011, told Business Standard that MagicBricks was profitable for the previous four years and was considering an IPO in the next 2-3 years.
Founded in 2006, MagicBricks is a marketplace for buying, selling, and renting residential and commercial properties. It competes with the likes of NoBroker, 99acres, and Housing.com.
It is a wholly-owned subsidiary of Times Internet, the digital arm of media conglomerate Bennett, Coleman and Co Ltd (Times Group). Notably, in the last few years, Times Internet has divested several assets including MX Player (sold to Amazon in 2024) and ET Money (sold to wealth management firm 360 One).
Comments are closed.