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Bertelsmann India Investments, the investment arm of German media company Bertelsmann SE & Co. KGaA, has invested in Chennai-based India Property Online Pvt Ltd which runs real estate classifieds portal IndiaProperty.com.
Existing investors Canaan Partners and Mayfield Fund also participated in the new round, which is estimated to be worth $12 million in total, reports VCCircle.
S&R Associates advised Bertelsmann India with a team led by Partner Rajat Sethi along with Rachael Israel, Lakshmi Pradeep and Sowjhanya Shankaran.
The Chennai office of Fox Mandal advised India Property Online. The Fox Mandal team was led by Partner Jeevanandham Rajagopal.
Economic Laws Practice advised the existing investors with a team led by Partner Vinayak Burman along with Managing Associate Archana Khosla and Associate Trishna Sharma.
The fund proceeds will be utilised to expand the company’s geography, invest in brand building and increase the company’s presence in Tier II & III cities, according to Business Standard.