Metroplots gets 2nd round of angel funding

Metroplots, the Chennai-based start-up, which runs property transaction portal Metroplots.com, raised its second round of angel funding from existing investors from Chennai Angels as well as a new investor, Vardhman Jain.

 

The funds are to be used to set up branches in Bangalore, Delhi-NCR and Mumbai. “We have already opened our branches in Bangalore and NCR, and will be setting up shop in Mumbai soon. We will also use the capital to increase our team strength in all the four regions where we operate,” said Biju Ashokan, CEO of Metroplots.com.

 

Jain, the new angel investor into the company, is the managing director (insurance and business process solutions–India and Manila) at Perot Systems. The existing investors who took part in the second round include Sify co-founder R Ramaraj; Sudhakar Ram, chairman and MD of Mastek; Babu Thiagarajan, chairman and CEO, Quscient Technologies; and Rajeev Mecheri, co-founder of the building security technology firm Imetrex.

 

Set up in June 2009, Metroplots.com helps customers identify and purchase new residential properties. It has an online transaction-based service model where the company partners with developers and banks in the country to provide options for property investors. Revenues come from fees per transaction from developers.

 

Although the company’s USP is its group deals feature, it also provides recommendations to property investors, home loan details and after-sales support.

 

Metroplots raised its first round of angel funding in November 2010 from Chennai Angels. As part of the investment, Sudhakar Ram joined the board of the company and continues to represent the investors. Targeting revenue of Rs 1 crore in revenue, in 2011-12, the company did hit close to that mark.

 

The site gets around 600 enquiries every month, but the firm is now looking to raise this number to 1,000 in the next two months. It also plans to raise more money to expand its operations to six other cities–mainly tier II cities. As of now, Metroplots has offices in Chennai, Bangalore and Gurgaon, with 30 people on board. The firm will raise this number to 50 by September this year.