Post-demerger IndiaProperty raises $7 mn; may raise more

Chennai-based Matrimony.com (formerly known as Consim Info) has completed the demerger of its real estate portal IndiaProperty.com. The demerger reportedly became effective last April but took about 12 months to complete. Following the demerger, IndiaProperty also raised a $7 million Series A round of funding last year from Canaan Partners and Mayfield Fund, reports The Economic Times. Another report by Business Standard says that the portal is currently in the market to raise a $10-12 million Series B round.

Launched in 2006, IndiaProperty offers a one-stop solution to easily find agents, a database of properties across India for both buying and selling with features as search by region and city classifications and property types. The site claims listings of over six lakh properties across the country and an average of 25 million page views per day.

Apart from IndiaProperty, Matrimony.com also owns matchmaking portal BharatMatrimony.com (its flagship property), MatrimonyDirectory.com and Tambulya. Last January, the company reportedly sold a majority stake in its jobs portal ClickJobs to a Delhi-based realtor. Incidentally, ClickJobs was among the four portals that Matrimony.com (then known as Consim Info) hived off into a subsidiary called Perpsi Interactive. The other three portals were IndiaList.com, IndiaAutomobile.com and Loanwala.com.

Meanwhile, Times of India reported in January this year that Matrimony.com had started discussions with investment bankers for a proposed $100-$125 million initial public offering (IPO). Much of the activity with respect to its various portals and subsidiaries appears to be in preparation for the proposed IPO, for which a time line has not been specified yet. The IPO (the listing is expected to be on the Indian bourses) would create an exit route for the company venture capital investors. It raised its first round of funding, $8.6 million, from Canaan Partners and Yahoo in 2006. In 2008, Mayfield led a $11.75 million Series B round. Then in October 2011, Yahoo sold its 12 per cent stake in the company to Canaan, Mayfield and new investor Bessemer Venture Partners for a reported Rs 100 crore (about $20 million).

Image credit: IndiaProperty

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