Real estate website, Commonfloor.com has raised USD 7.5 mn (INR 45 Crore) in Series C funding from Tiger Global & Accel partners. The raised funds will be used by the company primarily for setting up its offices in multiple cities, enhancing technology and products and expanding in the existing markets, reports Mint.
Accel partners has participated in all three rounds of funding whereas this is the second time for Tiger Global to invest in Commonfloor. Commonfloor had raised its first round in 2009 & second round in October last year with undisclosed funding amount.
“This round of funding by our existing investors is a vote of confidence in our business model and traction that we have built in a short time through our differentiated offerings,” said Sumit Jain, co-founder and chief executive, CommonFloor.com.
Commonfloor was launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani. It is used by customers in over 120 cities in India. It has close to 60,000 communities listed with it, which constitute more than 50 Lakh homes. In April this year it had 1,000 paid customers, and had a 300 members team.
Commonfloor.com helps in online property search for the users and lists properties like apartments, row houses, villas and plots. It takes care of all apartment needs; from finding to managing and connecting with the apartment community.
With the significant increase in internet penetration in India it’s natural to project that a large part of property research will happen online. “At Accel we’re great believers of online efficiencies to be brought into large markets, and therefore CommonFloor was a natural investment target,” said, Subrata Mitra, partner, Accel Partners over investing in Commonfloor.
According to ComScore April 2013, commonfloor is currently growing at the rate of 106.3% year on year, making it the third largest real estate portal in the country.
Accel partners believes that the company can dominate several large metros in India for real estate-related listings and research.
Commonfloor had also launched a mobile app that offers features like augmented reality and a refined map search which allows users to view properties around them; using the phone’s camera. Last year it also introduced map based search.
Other companies who have managed to raise funds under this category include Perfect Pincode, which raised undisclosed amount of funds from PE firm Indus Balaji earlier this year. Earlier this month Nexus Venture Partners invested USD2.5m in Housing.co.in.