Top News

Real estate portal Indiaproperty in talks to raise $50 mn in Series C funding

Chennai-headquartered Indiaproperty.com is reportedly in advance stages of talks to raise $50 million in Series C funding from new and existing investors, reports the Hindu Business Line.

Chennai-headquartered Indiaproperty.com is reportedly in advance stages of talks to raise $50 million in Series C funding from new and existing investors, reports the Hindu Business Line.

Since its de-merger from its parent company Consim Info Pvt Ltd in April 2012, Indiaproperty.com has raised $19 million in Series A and B funding from JP Morgan Asset Management India, Mayfield Fund and Bertelsmann India Investment.

“The fresh funding will be used in brand building; to increase the company’s physical presence to 100 cities from 60 pan-India and to increase its headcount to 1,600 people from 1,100,” Ganesh Vasudevan, CEO, Indiaproperty.com told the Hindu BusinessLine.

The online real estate portal has 5 million registered users with over 8 lakh property listings, 5,000 new projects for virtual panoramic walk-throughs, 8,000 plus builders and agents who use the platform to market properties.

Having established a stronghold in the southern markets of Tamil Nadu, Andhra Pradesh, Kerala and Karnataka, and in Maharashtra and Madhya Pradesh, Indiaproperty is looking to expand its geographic presence in the North and North Eastern markets. To cater to its strong NRI franchise in West Asia, US and South East Asia, plans are on to open offices and experience centres in those geographies.

According to the report, the company will hire 500 people in engineering, product development and sales roles this year and is readying a TV commercial which will be aired in June-July to take its brand promise of “We get you Home” to the next level.

The average transaction value of the 1,200-1,500 property transactions a month on the site is ₹50 lakh, for which no commission is charged to the customer.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close