Indiaproperty.com raises US$ 12 million, led by Bertelsmann

India Property Online Pvt. Ltd. (holding company of “Indiaproperty.com”), 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.”

Pankaj Makkar, Managing Director of Bertelsmann India Investments, 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.