India Property Online Pvt. Ltd. (holding company of “Indiaproperty.com”), an online real estate classified portals has announced a Series B funding of USD 12 Million led by Bertelsmann with participation from existing investors Canaan Partners and Mayfield Fund. Indiaproperty.com was previously a part of Consim Info, a company founded by Murugavel Janakiraman which operates BharatMatrimony, CommunityMatrimony and EliteMatrimony. IndiaProperty was established as a separate entity in March 2013 with Ganesh Vasudevan as the CEO. Veda Corporate Advisors acted as the sole advisors to the Company in this transaction.
IndiaProperty.com offers property marketing solutions serving builders, real estate agents and home owners to sell or rent their properties. IndiaProperty has Assisted Property- an online assisted property search service, Gruhapravesh – a series of virtual and offline property shows and an augmented reality based Real Estate Mobile Application. “It is great to have Bertelsmann as a partner by our side. Over the last two years we have emerged as the fastest growing player in the industry, operating in the top 20 cities in India and intend investing the capital raised into growth initiatives. Our existing investors, Canaan and Mayfield, have also participated in this round – an endorsement of our strategy and execution,” says Ganesh. Pankaj Makkar, Managing Director of Bertelsmann India Investments will join the Board of IndiaProperty.
Real Estate has been an area of interest for investors and entrepreneurs alike. Apart from the likes of MagicBricks and 99Acres, there is Bangalore based PropTiger backed by SAIF and Accel, Mumbai based Housing backed by Nexus, Flat.to backed by Angels, HomeShikaari and a few others that are vying for a bigger share of the pie. The space is filled with some very strong competitors and it’ll be interesting to see which ones keep going on at this pace in a couple of years.