Commonfloor.com raises $7.5 million from Tiger Global and Accel Partners
Commonfloor.com is a real estate portal dedicated to apartments and gated communities. Founded by Sumit Jain, Lalit Mangal and Vikas Malpani in 2007, Commonfloor aims to be a one-stop solution for all apartment needs; from finding to managing and connecting with the apartment community. It has already raised two rounds of funding, and today Commonfloor.com has raised a further $7.5 million from Tiger Global and Accel Partners.
Commonfloor raised a series B close to 8 months ago. The funding has been used to scale presence across multiple cities (currently in 15 cities), upgrading technology capabilities, hiring talent and expanding marketing initiatives. Commonfloor is more than 400 people strong right now and with a 50 member technology team, it is bullish about building a high utility product for the future.
Sumit Jain, Co-founder and CEO, CommonFloor.com said,
The online play in real estate is a billion dollar opportunity and being the fastest growing real estate portal in the country, we are ideally placed to make the most of this. It is also heartening to know that for many consumers out there, CommonFloor.com is the first choice when it comes to finding a suitable property. This round of funding by our existing investors is a vote of confidence in our business model and traction that we have built in a short time through our differentiated offerings.
Today CommonFloor.com has more than 1000 paying customers that include builders, agents and vendors. The company’s revenue has been growing by more than 100% every quarter and it aims to achieve a turnover of $25 million in the next two years.
CommonFloor.com has more than 60,000 projects listed on their portal and this is the largest compared to any property portal in India. The number of property listings has grown by more than 500% in the past financial year and the portal currently has more than one lakh live active listings.