India property.com, an online portal to buy and sell property is planning to raise $10-12 million, in series B as per the reports in Business Standard. The deal is said to be closed within 2-3 months. The funds will be utilized for improving technology and support marketing initiatives.
“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,” said.Ganesh Vasudevan, chief executive of Indiaproperty.com. He also said that along with some new investors, the existing investors Canaan and Mayfield could also participate in the funding round.
Canaan and Mayfield have invested around $7 million in India property.com last year in Series A. However, they are able to raise funds independently only after the demerger of operations from Consim Info. which owns various poratals such as Bharat matrimony.com, Clickjobs.com and IndiaAutomobile.com
The demerger was done in order to give a separate focus to the property venture, India property.com by having an independent management team. As reported, the demerger was effective from last April, but due to the court process it took 12 months to complete.
Indiaproperty.com connects the entire community of builders, dealers, individual property owners and interested buyers by providing them an attractive online interface with extraordinary features such as search by regional/city classifications and property types.
Launched in 2006, by BharatMatrimony.com, the company is currently having more than 500 employees and a strong presence in south and west. The company recently launched India’s FIRST Augmented Reality powered Mobile App for the ios, Android, Windows and Blackberry Platforms and is also well known for its Pan India Property Fair ‘Gruhapravesham’.