Bangalore, January 20, 2014: CommonFloor.com, India’s No.1 real estate portal* today announced that they have raised Rs. 64 crores in a new round of funding. This Series D funding has been raised from existing investors, Accel India and Tiger Global, with Tiger Global leading the round. Having already become the leader in the Indian real estate listings space (as per comScore), the company plans to utilize the amount raised to fuel growth through new marketing initiatives, product development and building on its research expertise in the real estate domain. Previously, the company had announced raising $7.5 million in Series C round in July 2013 from Tiger Global and Accel India.
Sumit Jain, Co- founder and CEO of CommonFloor.com said, “We have seen phenomenal growth in the past 2 years on every possible parameter – be it financials, visitors, advertisers or engagement. In fact, our topline has continued to grow by over 100% quarter on quarter since last year and we have been able to beat deep-entrenched competition in a short time frame to emerge as leaders in this space. This round by our existing investors is a vote of confidence in our business model, leadership team and vision.”
Adding further he said, “With the Indian real estate market growing by the day, the need for relevant information regarding purchase/rent of property is increasing even faster. Today people expect much more from real estate portals than just listings. They want the portals to be able to help them make intelligent decisions – whether it is about purchasing a home or even decorating one. We at CommonFloor.com are focused on providing them the best possible platform and information to satisfy their requirements and will use this round to deepen our research capabilities across the board, providing highly relevant content for every home-related need. We will also use this round to develop new products to offer even better content discovery and experience.”
Subrata Mitra, Partner, Accel India said, “With the accelerated penetration of Internet & connected mobility in India, real estate research is moving online in a big way. As a result, the builders are willing to move significant parts of their marketing budget online. CommonFloor.com, with its leadership in the online property listing space, is uniquely positioned to take advantage of this market dynamics, as they have been demonstrating with significant growth in the past couple of years. We’re confident that the current round of financing with further accelerate their growth & leadership in the space.”
CommonFloor.com has more than 75,000 projects listed on their portal, which is more than any other property portal in India. It also currently has nearly 2 Lakh active listings. With regards to recruitment the company has hired top talent that has worked previously for the likes of Google. It is also filling its ranks with graduates from top engineering and management colleges in India like ISBs, IITs and IIMs. On the technology front, the company recently launched its mobile app for iOS. The app offers innovative features like map search and augmented search. CommonFloor has also recently expanded its geographic footprint with new offices in 11 cities – Jaipur, Chandigarh, Lucknow, Nagpur, Indore, Ahmedabad, Kochi, Coimbatore, Mysore, Kolkata, Mangalore. The company already had offices in Bangalore, Mumbai, Noida, Gurgaon, Chennai, Hyderabad and Pune. This takes the tally of their offices to 18. The company plans to continue to expand to new locations going ahead.
*Note to the Editor: As per ComScore Data for November 2013 CommonFloor.com has the largest number of unique visitors in India in the real estate category.
Launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani, CommonFloor.com, is an innovative online service that combines property search, apartment management and vendor management and caters to a person’s complete residential requirements.
From property search to facilitating interactions within an apartment community on the ‘CommonFloor.com’ platform; from extensive research material to connecting service seekers to relevant service providers, the portal has dedicated itself to fulfill all aspects of consumers’ needs around their home.
CommonFloor.com currently has over 75,000 communities listed with it, which constitutes more than 50 Lakh homes. The company has been funded by Accel Partners and Tiger Global. To know more about CommonFloor.com, please visit: http://www.commonfloor.com
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