CommonFloor.com announced today 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. The company plans to utilize the amount raised for product development, building on its research expertise in the real estate domain and to fuel growth through new marketing initiatives, In July 2013, the company had announced raising $7.5 million in Series C round 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. 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.”
Adding further, he said, “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. We at CommonFloor are focused on being the best possible platform for users to access the most relevant content for every home-related need. Towards this end, we will use this round to deepen our research capabilities across the board and 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 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.”
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 75,000 communities listed with it, which constitutes more than 50 Lakh homes. The company has been funded by Accel Partners and Tiger Global.