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2013-05-13

Indiaproperty.com raises $10-12 million

India\'s leading portal to buy and sell residential property, Indiaproperty.com, has raises another $10-12 million.Chief Executive of Indiaproperty.com Ganesh Vasudevan said that last year, the company had raised $7 million from Canaan and Mayfield.

India's leading portal to buy and sell residential property, Indiaproperty.com, has raised another $10-12 million of funding. According to Chief Executive of Indiaproperty.com Ganesh Vasudevan, last year, the company had raised $7 million from Canaan and Mayfield. However, the funds came in only recently, after the de-merger from Consim Info, which owns various portals, including BharatMatrimony.com, Clickjobs.com and IndiaAutomobile.com. "We see a big opportunity in the online space for selling and buying real estate. To focus on the core business, we decided to de-merge and go for another round of fund-raising," he said.

He said that the company plans to use the $10-12 million to improve its technology and support marketing initiatives.

Vasudevan said the company has a strong base in the southern and western regions and the fund-raising would help the company expand and strengthen its brand in North. He claimed Indiaproperty.com accounted for 35 per cent share of the market (the number of paid builders registered in online portals), while in the South and West, it was the market leader. The portal had three million salaried and self-employed registered users in the age group of 28-55 years, he said.

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