Bangalore, January 8, 2015: CommonFloor.com, India’s leading online real estate platform today announced that it has received a new round of funding from Google Capital. This is Google Capital’s third investment in Asia.
Sumit Jain, Co- founder and CEO at CommonFloor.com said, “This investment shows that Google Capital believes in CommonFloor and our vision to transform the real estate market in India. We look forward to drawing on the technical and operational expertise of Google Capital’s partners and advisers as we continue to scale our business.”
David Lawee, Partner at Google Capital said, “CommonFloor.com makes it easy for people in India to research, buy, sell and rent real estate. The online real estate market in India is poised for tremendous growth, which is why we’re excited to work closely with CommonFloor’s excellent team in the months and years ahead.”
This investment comes at an exciting time for the online real estate sector in India, fueled by the Indian Government’s goal of providing Housing for All by 2022. To achieve this, the Government is allocating a budget of INR 4,000 crore for affordable housing, introducing incentives for infrastructure financing by the RBI. It has lowered interest rates on home loans, established a framework for REITs and, most recently, relaxed FDI norms in the construction sector.
Jain adds, “This will further fuel our vision to empower people to realize their property dreams. We continue to exhibit industry leading growth; the money raised will be strategically invested in making the platform more robust to enable the buyers and sellers to find their match faster.”
CommonFloor.com has more than 1 lakh residential projects listed on their platform from over 200 cities,which is more than any other property platform in India. The platform has already mapped 10M homes and is committed to map every property in India on its platform. The Company has a team of 1000+employees and their constant endeavour is to get the best talent to work with them.
Launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani, CommonFloor.com, is India’s leading real estate platform that combines property search, apartment management and vendor management and caters to a person’s complete residential requirements.
From searching for an apartment to facilitating interactions within an apartment community on the ‘CommonFloor’ platform, to connecting one to relevant service providers, the platform is dedicated to meeting all aspects of consumers’ needs around their home. With over 5 lakh active property listings from over 200 cities, it has over 1 lakh residential projects listed with it. CommonFloor.com has been funded by Accel Partners, Tiger Global and Google Capital.
To know more about CommonFloor.com, please visit: http://www.commonfloor.com
About Google Capital:
Google Capital is a growth equity fund backed by Google. Google Capital invests in companies that use technology to change the way people experience the world. Advised by Google technology, product and business leaders, the Google Capital team has the extensive operational and technical expertise to make smarter investments and help our portfolio companies succeed. Some of Google Capital’s investments to date include SurveyMonkey, Lending Club, Credit Karma and Freshdesk.
Contact for information at Google Capital
To learn more about Google Capital, please visit: www.googlecapital.com