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29 Nov 2022, 07:31 HRS IST
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  • PTI
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Source:CommonFloor.com, Product of MaxHeap Technologies Pvt. Ltd.
Category:Real Estate
CommonFloor.com Raises $7.5 Million in Series C Funding From Existing Investors Tiger Global and Accel India
05/07/2013

CommonFloor.com Raises $7.5 Million in Series C Funding From Existing Investors Tiger Global and Accel India

BANGALORE, July 5, 2013/PRNewswire/ -

CommonFloor.com, India''s leading property portal, today announced that they have raised $7.5 million in a new round of funding. The Series C has been raised from existing investors, Tiger Global Management and Accel India. The new funds will be used to penetrate deeper into existing markets, expand marketing initiatives and invest in technology and product enhancement. CommonFloor.com had earlier raised Series A from Accel India in 2009 and Series B in 2012 from Accel India and Tiger Global Management.

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 and traction that we have built in a short time through our differentiated offerings."

CommonFloor.com is the fastest growing real estate portal in the country growing by more than 100% year on year as per comScore. In Bangalore, CommonFloor.com is the number one property portal as per Alexa traffic rank. 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.

The brand has been leading innovation in the category with new features like 'site visit', using which customers who plan to buy a property can avail free pick up and cab facility to visit selected projects in Bangalore, Delhi-NCR, Hyderabad, Pune and Chennai. The feature aims to help customers visit a property they like without having to plan in advance for transport or directions. CommonFloor.com had also recently launched a mobile application for its users with unique features like augmented reality and map search which allows customers to view properties around them; using the camera on their phone. The company has offices in 7 cities - Bangalore, Gurgaon, Noida, Pune, Hyderabad, Mumbai and Chennai.

Subrata Mitra, Partner, Accel India said, "It is obvious that urban housing in India has to multiply manifold even to satisfy existing demand. Bulk of this action will have to happen in the apartments segment, which is where Commonfloor.com focuses. Additionally, an increasing share of the basic real estate activities like buying/selling/ renting are going to move online both in terms of research and help with transactions. CommonFloor.com has grown quite rapidly in the past; a testament to their ability to execute well in the space. We therefore believe that the company can be quite a dominant player in the space."

About CommonFloor.com:

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' 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 60,000 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

Primary Media Contact: Deepansh Agarwal, deepansh@aimhighindia.com, 91-78-38324168

Secondary Media Contact: Vijaya Poojitha, poojitha@aimhighindia.com, 91-99-86263247

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