This just in: iProperty will invest around $4.4 Million (Rs. 18.8 cr / AUD$5 million) in RealAcres.com. Murli Ramakrishnan, COO of RealAcres told MediaNama that Horizon Infoventures, the parent company of RealAcres, will raise another round of funding by the end of the financial year 2008-09. The $470,000 investment that we had reported from the AUX filing is meant for the initial setup over six months - to be used for setting up office in Bangalore and Pune, and moving to a larger office in Mumbai. The next tranches of money will come in thereafter, over a period of 3 years. RealAcres has a team of 22 people in Mumbai, which they will expand to 50-55 over three months. They'll also be hiring 10 people each for Bangalore and Pune. RealAcres began with exhibitions for real estate companies and builders,…
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