Mumbai: India Property Online Pvt. Ltd, the holding company of online real estate classifieds website Indiaproperty.com, has received $12 million in funding from a group of investors led by Bertelsmann India Investments (BII).

BII, which focuses on investments in the digital, education, media and services sectors, is the strategic investment arm of the German media company Bertelsmann SE & Co. KGaA in India.

Existing investors of India Property Online, such as Canaan Partners and Mayfield Fund, also participated in the ‘Series B’ funding, the company said on Thursday.

“It is great to have Bertelsmann as a partner by our side. Over the last two years we have emerged as the fastest growing player in the industry, operating in the top 20 cities in India and intend investing the capital raised into growth initiatives," said Ganesh Vasudevan, chief executive officer of IndiaProperty, in a statement.

“IndiaProperty has attained an attractive position in the Indian real estate market, especially in the new properties segment, through its great execution abilities, a differentiated offering for the customer and all the right attributes to be a leader in this space." said Pankaj Makkar, managing director of Bertelsmann India Investments, in a statement. He will join the board of IndiaProperty.

IndiaProperty was founded by Murugavel Janakiraman who also founded Matrimony.com, an online matrimony classifieds platform.

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