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Chennai, Tamil Nadu (PRWEB) October 03, 2012
Chennai Angels backed property listings and advisory site Metroplots is targeting a 20X growth in traffic in the next 12 months, on the back of an aggressive expansion of its services into Tier II cities. The site currently has a presence in 23 cities and plans to have all Tier II cities covered during this period. The company also plans to raise its next round of funding within the next 3-6 months. The amount it plans to raise was not disclosed.
Founded in 2009 by Carnegie Mellon University alumnus Biju Ashokan, Metroplots raised an undisclosed amount from Chennai Angels as its first angel round in late 2010. In April this year it raised a second angel round from Chennai Angels. Investors in this round included R Ramaraj, co-founder of Sify, and Sudhakar Ram, CEO of Mastek. Ram had also participated in the first round. “We have a few targets, not just a revenue targets, but also process related targets amongst others before we start looking for our next round of funding, which will be anytime in the next 3 to 6 months,” Jijo Mathew, investment manager at Metroplots told StartupCentral.
The company claims to have 100 real estate developers registered with it and has completed 400 real estate deals so far. Deals imply the number of successful transactions in new residential sales that have taken place through Metroplots. The average deal ticket size varies with each city. For instance, Chennai is a conservative market with mostly end users (people who buy property for their own use) and ticket sizes average at Rs 50-60 lakh. Bangalore, on the other hand, is a mix of end users and investors and average ticket sizes could be anywhere between Rs 70 lakh and Rs 1.2 crore. The National Capital Region is investor heavy and ticket sizes range between Rs 1.5 crore and Rs 5 crore.
Metroplots typically hand-holds its customers right from the time that they register on the website till the end of the purchase and beyond. This includes understanding the customer’s requirement, personal meetings with its investment advisors, site visits and post site visit assistance in narrowing down the best options, group deals and post-purchase updates on current prices of the property bought. The site claims over 10,000 registered property investors, which include software professionals, non-resident Indians and HNIs. Current conversion rates (registered users versus actual transactions) are currently at 20 per cent.
"The second round of angel funding raised in April has been used primarily to set up our offices in Gurgaon and Bangalore and grow the company’s team," said Mathew. It currently has 35 employees, four offices and more than 15 trained advisors. Mathew says that company is profitable but did not share its current revenue run rate.