Real estate advisory portal indiaproperty.com, held by India Property Online Pvt Ltd, has received its second round of funding of $12 million (around Rs 75 crore) from Bertelsmann, with participation from existing investors Canaan Partners and Mayfield Fund, who got on board India Property in April 2012.
Germany-based media conglomerate Bertelsmann, a €16-billion group which includes publishing firm Penguin Random House, is investing in an Indian firm for the second time, after participating in a funding for online education platform WizIQ. IndiaProperty plans to use the proceeds to improve technology to accommodate more home searchers on its Website, widen in brand reach, and expand into tier-II markets.
Murugavel Janakiraman, Founder and Chairman, IndiaProperty, said: “IndiaProperty was conceptualised with a vision of becoming the largest player in the real estate classified market and we are well and truly on our way to realising that vision. The addition of a global media powerhouse like Bertelsmann as an investor and partner will help us further consolidate.”
Pankaj Makkar, MD, Bertelsmann India Investments, said: “IndiaProperty has attained an attractive position through its execution abilities, a differentiated offering, and the right attributes to be a leader in the space.” Makkar will join its board. Veda Corporate Advisors acted as the sole advisors in this transaction.
bharani.v@thehindu.co.in