Metroplots Pvt Ltd, a Chennai based startup, which runs the property portal Metroplots.com has raised a second round of angel funding from its existing investors and Vardhman Jain, a new investor who is the Managing Director at Perot Systems. The existing investors who took part in the second round are Sify co-founder R Ramaraj; Sudhakar Ram, CEO of Mastek Ltd; Babu Thiagarajan, CEO of QuScient Technologies Pvt Ltd; and Rajeev Mecheri, MD, Mecheri Smart Capital Pvt Ltd. The company had earlier raised its first round of angel funding in November 2010 from Chennai Angels and as part of the investment, Sudhakar Ram joined the board of the company and he continues to represent the investors.
Metroplots didn’t disclose the amount of investment, however, Biju Ashokan, CEO at Metroplots told Medianama that it’s less than $1 million. The funds will be primarily used to set up new branches in Bangalore, Delhi-NCR and Mumbai. The capital will also be used to expand their team. Metroplots will also be expanding its operation in six other tier 2 cities. Presently, Metroplots has offices in Chennai, Bangalore and Gurgaon where they have over 30 employees and looking at increasing team size to 50 in the next quarter. They are also soon looking to start their operations in Mumbai.
Founded in 2009, Metroplots.com is an online real estate portal for people who are looking to purchase any residential and commercial property. It also provide options for property investors by giving statistics and recommendations, provide home loan details and after-sales support. Although their main USP is Group Deal feature where property buyers can connect to other property buyers in the same locality and can group together to avail best price.
When quizzed upon how Metroplots were planning on competing against other online property portals like 99acres, Biju Ashokan, said that Metroplots does not compete with the likes of 99acres as they are classifieds sites while Metroplots works on transaction based model where property owners have to pay only if the transaction is made.
Nikhil adds: On the face of it, this offers property owners an alternative to classifieds sites which charge for listings, and realtors might be open to paying a little more when they only have to pay for deals being closed, in a cost per acquisition kind of model.