India’s
No.1 real estate portal has raised close to $50Million till now
Bangalore,
September 24, 2014: CommonFloor.com, India’s No.1 real
estate portal has received USD 30 million in a new round of
funding. This round of funding has been raised from their existing investor,
Tiger Global.
The
current round of funding comes within months after it raised Rs 64 crores in
last round from Tiger Global and Accel India. With more than 2,00,000 users
visiting the portal every day, CommonFloor.com has witnessed a 100% increase in traffic, 125%
jump in live listings and added over 25,000 communities in the last two
quarters. The website also gets more than 25% traffic on its site via mobile
app, and in the coming months it is poised for tremendous growth.
Commenting
on the Funding, Sumit Jain, Co- founder and CEO of CommonFloor.com said, “We empower
people to realize their property dreams. This investment will support the
team’s vision to think out of the box, innovate and lead the online real-estate
sector in its journey to further enhance user experience. We have more than
doubled our revenues and traffic and the funding will further accelerate our
growth plans. This round of funding will be used to invest further in our
product and technology that will enhance customer experience. The company will
continue to strategically scale-up its marketing and operations across the 18
cities where it’s currently present and expand to 22 new markets in India.”
CommonFloor.com has redefined
the online real-estate business by offering complete, end-to-end services that go beyond property classifieds. Its
exclusive features like augmented map-based mobile app signals users about available
properties in the vicinity, drone service to take pictures of panoramic views
from planned high rise apartments and systematic photographic verification of
properties listed help users make a smart property decisions. Today, over 50%
of the traffic to the website comes from urban India,
especially metros such as Mumbai, Delhi, Bangalore and Chennai and close to 10%
from overseas.
"India's
online real-estate sector has been expanding rapidly as Internet access grows,
especially through mobile. CommonFloor.com has carefully
mapped the needs of the online-based real estate ecosystem and has forged a
clear path toward future growth. We are pleased to continue to partner with
them” said Lee Fixel, Partner at Tiger Global Management.
CommonFloor.com has more
than one lakh projects listed on their portal, which is more than any other property portal in India. It also currently has over
4 Lakh active listings. The company has a team of 900+ employees and their
constant endeavour is to get the best talent to work with them. CommonFloor has
also 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.
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 searching for an apartment to
facilitating interactions within an apartment community on the
‘commonfloor’
platform, to connecting one to relevant service providers, the portal is
dedicated to meeting all aspects of consumers’ needs around their home. With
property listings from 120 cities, it has over 1 lakh residential projects
listed with it. CommonFloor.com has been funded by Accel Partners and Tiger
Global.
To know more about CommonFloor.com,
please visit: http://www.commonfloor.com
1 comments
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