BharatMatrimony Owner Hives Off Real Estate Portal IndiaProperty.com & Raises $7 Mn
As its parent company inches closer to an IPO, Indiaproperty.com has been hived off. It has raised $7 mn from existing investors and is looking to raise an additional $10 mn.
Consim Info, the owners of a chain of matrimony websites including Bharatmatrimony.com, has hived off Indiaproperty.com, its real estate portal and raised $7 million risk capital from Canaan Partners and Mayfield Fund, according to reports.
Both Canaan and Mayfield are existing investors in Consim Info.
The firm is looking to raise an additional $10 mn with existing investors, a financial daily reported. Last year, Indiaproperty had launched its mobile app for property search.
The company, founded in 1997 by Murugavel Janakiraman was backed by Yahoo India which offloaded its stake to Bessemer Venture Partners, Mayfield Fund and Canaan Partners for nearly $20 million last year. The company was valued at $190 million at the time.
Yahoo owned 12% stake in Consim Info at the time.
Consim Info had raised $8.65 mn in its first round of funding in 2006 from Yahoo and Canaan Partners in 2006. This was followed by a $11.75 mn round in which Yahoo, Canaan and Mayfield Fund invested.
Indiaproperty competes with Magicbricks and others like 99acres in the online real estate space while its parent Bharat Matrimony and its regional variants compete mainly with Shaadi.com, Jeevansaathi.com and Simplymarry.com.
The broken online classifieds market in India is being disrupted by new startups that have come up with better ways of helping the users. Startups such as Housing.co.in and Planet Ghar have taken a map based approach to real estate classifieds online. They also lay importance on rich information that makes it easier for buyers.