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IndiaProperty Raises $12M From Bertelsmann & Others; Expects Big Shift In 2014

Online real estate portal IndiaProperty has raised $12 million in Series B funding from Bertelsmann India Investments, the Indian investment arm of the German media conglomerate Bertelsmann with participation from existing investors Canaan Partners and Mayfield Fund. It had earlier raised $7 million from Canaan Partners and Mayfield Fund in May 2013. Formerly a part of Matrimony.com (erstwhile Consim Info) which operates a series of matrimonial sites like BharatMatrimony, EliteMatrimony, CommunityMatrimony and AssistedMatrimony among others, IndiaProperty was spun out as a separate entity in May 2013. IndiaProperty CEO Ganesh Vasudevan had then told Medianama that this demerger provides them with an opportunity to have a dedicated focus to the real estate business. The company currently offers marketing solutions to builders, real estate agents and home owners to sell or rent their properties while allowing users to search for properties to purchase or rent. It claims to have 700,000 properties listed on its website and offer marketing solutions to over 4,000 builders right now. In October 2013, IndiaProperty had tied up with the VideoMaps provider VidTeq to offer video directions for select property listings in Bangalore, Chennai and Hyderabad. It had also introduced features like verified listings and 3D floor plans in the same month. In July 2013, it had launched a subscription-based service Assisted Property for customers who needed assistance in finding and buying a property. It's Mostly Advertising? Its worth noting that Info Edge MD Hitesh Oberoi had earlier mentioned that more than 50% of revenues earned by 99Acres (the group's real estate business) was from marketing i.e. featured products, banners sold and branding solutions which are often used by builders and brokers to market new projects, rather…

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