Bangalore: Consim Info, an Indian based company and owners of matrimony websites including Bharatmatrimony.com has withdrawn its property portal Indiaproperty.com and has procured $7 million ( 38 Crore) in Series A funding from Canaan Partners and Mayfield Fund, reports ET.

The company is also looking forward to raise $10 million (around Rs 54 crore) in Series B funding with the participation of existing investors. Founded in 1997 by Murugavel Janakiraman, the company had raise $8.65 million from Yahoo and Cannan in its first round of funding in 2006 followed by $11.75 million invested by Yahoo, Canaan and Mayfield Fund. There are speculations that Consim Info is gearing up for an IPO of $100-125 million.

Both Mayfield and Canaan have come up with fresh investments of $7 million in India Property Online. Apart from Consim, they own equal stake in the property venture, Indian Property Online.  India Property.com has seven lakh properties listed across 20 cities and around three million registered users. The company also has plans to raise $10 million in the near future with the participation from the existing investors.

"The funds will be used for investment purposes in technology, manpower, sales offices, branding and marketing. Broadly, our conversion rate is 5-6%. We are present in 20 cities. Major traffic is from metros and non-resident Indians. About 25% of our traffic is from America, UAE and South East Asian countries”, said Ganesh Vasudevan, CEO of India Property Online.

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