No IPO for anytime soon: Azeem Zainulbhai

Azeem Zainulbhai, CFO, believes that the money raised in series C which is a USD 90 mn is enough for the company.

Apr 24, 2015 12:04 IST India Infoline News Service

Azeem Zainulbhai, CFO,, in an interview with CNBC TV18 mentioned that the company is not planning for an IPO and not looking at raising a series D round of funding anytime soon., India’s most innovative real estate portal, is not looking forward for more funding, said Azeem Zainulbhai.

He believes that the money raised in series C which is a USD 90 mn is enough for the company.

Talking about by when the company will be able to achieve market leadership in India, he said, "We will achieve market leadership in May and June, but that is a relative term because there is so much to do in India. There are more cities to expand into and there are more units that are not listed online that we need to capture".

Over the last one month, the company has started marketing campaigns with a launch of a big brand. For the rest of the financial year, the company will be spending on marketing in a more targeted manner.

According to the reports, the company has spent around Rs. 250 crore in the first phase of advertising. Clearing the reports, and commenting on the ad spend they are looking at, he said, "That is certainly not the truth and it is certainly significantly above what we did spend. In these types of marketing campaigns there is a peak and a valley and so, we definitely were at a peak and will certainly have other peaks throughout the year but not even close to spending the amount that was quoted in an article".

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