Real estate portal CommonFloor have raised Rs. 64 crores in a new round of funding from existing investors, Accel India and Tiger Global. Investors Tiger Global led the round. CommonFloor plans to utilize the amount raised to develop their product further, build on its research expertise in the real estate domain and to fuel growth through new marketing initiatives.
Earlier, in July 2013, CommonFloor had raised $7.5 million in Series C round from the same investors. “Today people expect much more from real estate portals than just listings. With the Indian real estate market growing by the day, the importance of value added content regarding purchase / rent of property cannot be understated. Customers want the portals to be able to help them make intelligent decisions – whether it is about purchasing a home or even decorating one,” Sumit Jain, Co-founder and CEO of CommonFloor said.
Subrata Mitra, Partner, Accel India said: “With the accelerated penetration of Internet and connected mobility in India, real estate research is moving online in a big way. As a result, the stakeholders in the real estate industry are willing to move significant parts of their marketing budget online. CommonFloor, 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 will further accelerate their growth & leadership in the space.”
The company was launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani.
CommonFloor has over 75,000 projects listed on their portal. It currently has nearly 2 lakh active listings. “We have seen phenomenal growth in the past two years on every possible parameter. The size of our community has grown manifold. 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 vision, leadership team and business model,” Sumit added. CommonFloor recently expanded its geographic footprint to 11 cities – Jaipur, Chandigarh, Lucknow, Nagpur, Indore, Ahmedabad, Kochi, Coimbatore, Mysore, Kolkata, Mangalore, besides Bangalore, Mumbai, Noida, Gurgaon, Chennai, Hyderabad and Pune.
The company recently launched its mobile app for iOS.