India Property raises Rs 74.67 crore in second round of funding
BANGALORE: Online real estate classified portal India Property Online Pvt Ltd raised $12 million (Rs 74.67 crore) in a second round of funding led by Bertelsmann India Investment along with existing investors Canaan Partners and Mayfield Fund.
India Property said it will use the funds to increase their technology capabilities, build their brand and further augment their reach in 20 cities. The company had earlier raised $7 million (Rs 43.5 crore) in April 2012 from Canaan Partners and Mayfield Fund.
India Property currently has 700,000 properties listed on its website and also offers marketing solutions to over 4,000 builders.
Pankaj Makkar, managing director of Bertelsmann India Investments, will join the board. Bertelsmann is a media house spread across 50 countries in mediums such as television, book and magazine publishing. The Penguin Random House brand comes under the Bertelsmann banner.
"There are areas we could work with Bertelsmann. But these are very early days," said Ganesh Vasudevan, 41-year-old CEO of India Property.
The company, which is not currently profitable, has 7 million registered users and gets 1.5 million unique visitors a month on its website.
Veda Corporate Advisors acted as the sole advisors to the company in the funding round.