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IndiaProperty.com Spins Off From Consim Info; Raises $7 Million

Indiaproperty

Consim Info which operates the matrimonial site BharatMatrimony.com, has spun off its real estate portal IndiaProperty.com as a separate entity, reports The Economic Times.

The report cites Indiaproperty.com CEO Ganesh Vasudevan who said that the demerger was effective from April 2012, but due to court processes, it took 12 months for the company to complete the demerger. Vasudevan said that they decided to spin off the portal to have an independent management team  which can provide a dedicated focus to the property venture.

Following the demerger, Indiaproperty.com has raised $7 million (Rs 38 crore) in Series A funding from Canaan Partners and Mayfield Fund and both the investment firms now own equal stake as Consim Info in Indiaproperty.com. Although, a Business Standard report suggests that the company had raised this investment last year but it received the funds only after the demerger. Launched in 2006, the company claims to have 7 lakh property listings across 20 cities in India and 2.2 million registered users.

ClickJobs Stake Sale: In November 2012, Consim Info had sold majority stake in its job portal Clickjobs.com to a Delhi realtor Sanjeet Kumar Singh. Yahoo and Canaan Partners had invested $8.6 million in Consim Info in 2006, and $11.75 million in a round led by Mayfield Fund, which also had participation from Canaan Partners and Yahoo. However, Yahoo had exited Consim Info in 2011 after selling its stake to Bessemer India Capital.

Earlier this year, a Reuters report also suggested that Consim Info was looking to file an initial public offering later this year, to raise around $100 million to $125 million.

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