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Updated: Real Estate Marketplace SmartOwner Raises Funds From AngelPrime


Smartowner Services India Pvt Ltd, a company that owns real estate marketplace Smartowner, has raised an undisclosed amount of funding from AngelPrime, reports Techcircle.

SmartOwner is headquartered in Bangalore and was founded by  Vikram Chari, Ranjiv Walia, Bala Parthasarathy and Shripati Acharya. Bala Parthasarathy and Shripati Acharya are also partners at AngelPrime. AngelPrime’s third partner, Sanjay Swamy, is also on SmartOwner’s board of advisers. Previously, Shripati Acharya and Bala Parthasarathy along with Raj Kapur & Suneet Wadhwa had co-founded Snapfish, an online photo service that was acquired by HP.

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We’ve written to Swamy for more information and will update this post as soon as we hear from him. Update: Swamy did not respond to our mail and AngelPrime got back to us stating that they are not looking at talking about SmartOwner at this point.

SmartOwner provides a marketplace for real estate brokers, buyers, sellers and builders to buy and sell real estate properties. The company claims that its marketplace provides a curated list of real estate properties and that each of its listing includes a team of professionals to assist customers. According to the report, SmartOwner has partnered with J Sagar Associates and MDT Partners for legal advise, Ernst & Young for tax advise, S R Batliboi & Co for auditing and HDFC Bank Ltd for banking and escrow services.

AngelPrime was founded by  Bala Parthasarathy, Shripati Acharya and Sanjay Swamy in 2011. The incubator provides seed capital to startups in the $200,000-$600,000 range and nurtures them for 12-14 months. Currently, AngelPrime has invested in E-commerce venture Unamia, POS solution provider Ezetap, and now SmartOwner. Recently, AngelPrime raised an undisclosed amount of funding from Mayfield Fund, a California based global venture capital firm. Although the firm did not disclose the financial details of the funds raised, a report by NDTV Profit states that the fund raised by AngelPrime is less than $10 million. Apart from that, Chamath Palihapitiya’s The social+capital partnership has also invested in the AngelPrime . AngelPrime had previously indicated that it plans to incubate three companies a year. With the investment in SmartOwner the investment firm has reached its target.

Other players: SmartOwner competes with real estate marketplace such as 100floors, Infoedge’s 99acres, and Times Business Solutions property listing portal MagicBricks, among others. Clearly, the online real estate marketplace is noticing growth. Recently, InfoEdge in their Q2 FY13 con-call discussed that 99acres grew by 52% year on year to 11.6 crores.

  • joey89924

    the investment in SmartOwner the investment firm has reached its target.!!
    LM250

  • http://twitter.com/ichetan ichetan

    They are not the same as 99Acres or other Classifieds. Here they actually facilitate investment in a property in small units using HDFC bank as Escrow something akin to investing in REIT Oriented Mutual Funds. So if the price of the property falls after the launch, investor here can average it buying more square feet at lesser price :-)