IndiaProperty, the India-based real-estate listings portal backed by media group Bertelsmann, is looking to attract at least $50m for a series C round that will feature existing investors, LiveMint reported yesterday.
The company has not disclosed which existing stakeholders are returning for the new round, which would increase IndiaProperty’s total funding to more than $69m.
Bertelsmann led the company’s $12m series B round in December 2013 through its local corporate venturing subsidiary Bertelsmann India Investments. The round also included Canaan Partners and Mayfield Fund, the two investors in IndiaProperty’s $7m series A round earlier the same year.
IndiaProperty offers prospective home buyers assistance with searches for properties currently on the market. Buyers can view 3D floor plans of properties and undertake virtual tours.
The series C funding will be used to support business growth as the company expands from its current market in south India to the country’s northern regions, to develop new products and features for its website, and to increase mobile sales. It may also look to acquire other startups.