India Property gets $12 mn fund

Official says over last two years, its online portal has emerged as fastest growing player in industry

India Property Online Pvt Ltd, the holding company of online real estate classified portal Indiaproperty.com, has announced a Series B funding of $12 million led by Bertelsmann with participation from existing investors Canaan Partners (Canaan) and Mayfield Fund (Mayfield).

The fund proceeds will be utilised to expand the company’s geography and product. It also plans to invest in brand building effects, creating infrastructure to penetrate in Tier II & III cities.

Ganesh Vasudevan, CEO, IndiaProperty, said over the last two years the portal had emerged as the fastest growing player in the industry.

“The addition of Bertelsmann as an investor and partner will help us further consolidate our position in the market,” said Murugavel Janakiraman, chairman of IndiaProperty.