Bangalore-based CommonFloor.com, has raised Rs. 64 crores (USD$10.5 million) in a new round of funding. The Series D funding has been raised from existing investors, Accel India and Tiger Global, with Tiger Global leading the round. CommonFloor.com raised USD$7.5 million in funding from Accel Partners and Tiger Global Management back in July of 2013.
Having claimed the lead in the Indian real estate listings space*, the company said it 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, realestate 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."
CommonFloor.com claims to have over 75,000 projects listed on its portal, and nearly 2 lakh active listings. The company has hired top talent that has worked previously for the best of Internet companies worldwide. It is also filling its ranks with graduates from top engineering and management colleges in India like the IITs, IIMs and ISB.
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.
*ComScore Data for November 2013, indicates that CommonFloor.com has the largest number of UVs in India in the real estate category
Edited by Gordana Davila