India Property Online Pvt Ltd, the company behind Indiaproperty.com – an online portal to buy and sell property, has raised USD 12 Mn in series B funding. The round was led by Bertelsmann India Investment along with participation from existing investors Canaan Partners and Mayfield Fund, according to reports. As a part of the deal, Pankaj Makkar, Managing Director, Bertelsmann India Investments, will join the board.
The capital raised will be used by the company to expand its technological and geographical reach, along with brand building and extending services to tier 2 and 3 cities in India.
Indiaproperty.com provides a platform for builders, dealers, individual property owners and interested buyers to connect with each other online. The site currently lists close to 700,000 properties and offers marketing solutions to 4,000 builders. Further, it claims to have 7 million registered users and gets 1.5 million unique visitors per month.
The funding follows up the reports earlier in May 2013, that the Chennai based online real estate portal was planning to raise funds from new as well as existing investors Canaan and Mayfield, who had previously invested USD 7 Mn in the company in its Series A funding round.
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