Chennai, 19th December, 2013 – India Property Online Pvt. Ltd. (holding company of “Indiaproperty.com”), one of India’s leading 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 (“Canaan”) and Mayfield Fund (“Mayfield”).
IndiaProperty.com offers one-stop property marketing solutions serving builders, real estate agents and home owners to sell or rent their properties, while offering a feature rich interface for property buyers to search and identify properties that match their requirement. IndiaProperty has pioneered several innovations such as Assisted Property -India’s first online assisted property search service, Gruhapravesh – India’s first series of virtual and offline property shows and India’s first augmented reality based Real Estate Mobile Application. The company was founded by Murugavel Janakiraman who also founded Matrimony.com, India’s largest online matrimony classifieds platform.
Ganesh Vasudevan, CEO of IndiaProperty, expressed his delight at Bertelsmann‘s investment: “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.”
Murugavel Janakiraman, founder and Chairman of IndiaProperty, said: “IndiaProperty was conceptualized with a vision of becoming the largest and foremost player in the real estate classified market and we are well and truly on our way to realizing that vision. The addition of a global media powerhouse like Bertelsmann as an investor and partner will help us further consolidate our position in the market.”
who will also join the Board of IndiaProperty, said: “IndiaProperty has attained an attractive position in the Indian real estate market, especially in the new properties segment, through its great execution abilities, a differentiated offering for the customer and all the right attributes to be a leader in this space. Therefore we are excited to be IndiaProperty’s future partner.”
Veda Corporate Advisors acted as the sole advisors to the Company in this transaction.
About IndiaProperty.com
IndiaProperty.com offers one-stop property marketing solutions serving builders, real estate agents and home owners to sell or rent their properties, while offering a feature rich interface for property buyers to search and identify properties that match their requirement. IndiaProperty has pioneered several innovations such as Assisted Property -India’s first online assisted property search service, Gruhapravesh – India’s first series of virtual and offline property shows and India’s first augmented reality based Real Estate Mobile Application amongst others.
www.indiaproperty.com
About Bertelsmann India Investments
Bertelsmann India Investments (BII) is the strategic investment arm of Bertelsmann SE & Co. KGaA in India. It focuses on investments in the digital, education, media and services sectors. BII invests in pioneering companies developing new technologies, business models and visions of the future. It focuses on early stage as well as growth stage investments.
About Bertelsmann
Bertelsmann is an international media company whose core divisions encompass television
(RTL Group), book publishing (Penguin Random House), magazine publishing (Gruner + Jahr), services (Arvato), and printing (Be Printers) in some 50 countries. In 2012, the company’s businesses, with their more than 100,000 employees, generated revenues of €16.1 billion. Bertelsmann stands for a combination of creativity and entrepreneurship that empowers the creation of first-rate media, communications, and service offerings to inspire people around the world and to provide innovative solutions for customers.