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SAIF, Accel invest $5m in PropTiger

  • Susannah Birkwood
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Venture capital firms SAIF Partners and Accel Partners have invested INR250 million ($5 million) in PropTiger Realty, an Indian online property marketing firm.

Following the investment, SAIF's Ravi Adusumalli and Accel partner Prashanth Prakash will join the board of PropTiger.com, PropTiger's the real estate marketing services portal. The capital will be used to reinforce the company's position in the eight Indian cities in which it is active, and increase its team of real estate experts to 500 by the middle of next year.

"The real estate industry is ripe for using technology to make the home buying process a more efficient one for buyers and sellers," said Prakash. "We look forward to helping PropTiger innovate to provide the best services to both end-buyers and real estate developers."

Founded in February 2011 by Dhruv Agarwala, Kartik Varma and Prashan Agarwal, PropTiger has so far sold INR11 billion of property (gross), a figure which it aims to boost to INR100 billion by 2016. The business previously received funding from a number of high net worth individuals.

Earlier this year, SAIF led a $14 million Series B round for Indian e-commerce start-up Brainbees Solutions - which runs the First Cry and GoodLife websites - alongside IDG Ventures India. The deal was thought to be one of India's biggest venture investments in a specialized online retailer.

 

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