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Metroplots raises funds from Chennai Angels
By siliconindia
Bangalore: Metroplots, a Chennai based company which runs property transaction portal has raised angel funding from members of Chennai Angels in exchange for 20 percent stake. The amount of investment is not known.
The company has raised funds from R. Ramaraj, Co-Founder, Sify, and Senior Advisor, Sequoia Capital, Sudhakar Ram, Chairman & Managing Director, Mastek, Babu Thiagarajan, Chairman and CEO, QuScient Technologies, and Rajeev Mecheri, Co-Founder of building security technology firm iMetrex. Sudhakar Ram has joined the company board as Director, representing the four investors.
Metroplots.com helps customers identify and purchase new residential properties. Predominantly catering to the NRI market, it charges a fee (read commision) per transaction in the range of 2-3 percent on the property price from the developers.
In line with its growth plans, Metroplots may be up for a Series A round in a year or less. Founded in June 2009, it is targeting revenue of 
1 crore in the September 2010-11 periods. "If we achieve anywhere close to this, we will be looking at the next round of funding to scale our operations to multiple metro cities," said Biju Ashokan, Founder and CEO, Metroplots.
1 crore in the September 2010-11 periods. "If we achieve anywhere close to this, we will be looking at the next round of funding to scale our operations to multiple metro cities," said Biju Ashokan, Founder and CEO, Metroplots.
