Metroplots Pvt Ltd, a Chennai based company which runs property transaction portal , has raised angel funding from members of Chennai Angels in exchange for 20% 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 Ltd, Babu Thiagarajan, Chairman and CEO, QuScient Technologies Pvt Ltd, 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% on the property price from the developers.
Last week, Foundation Capital and Helion Venture Partners invested $12 million in Agni Property Group, a Delhi based property transaction services company. Unlike Metroplots, Agni has largely an offline business model.
Metroplots says, it is not a real estate classifieds site but one that provides all services related to a property purchase. With this funding, the company is looking to increase its team size and add marketing muscle. It is also exploring new offline and online avenues of lead generation for its residential projects.
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 a revenue of Rs 1 crore in the September 2010-11 period. “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,” Biju Ashokan, founder and CEO, Metroplots told VCCircle.
Ashokan says, they have currently partnered with all the leading projects of South. “We receive close to 400-500 queries a month,” he adds.