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. Before this round, the startup raised USD 7.5 million in Series C in July 2013 from the current investors.
Founded in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani, CommonFloor is an online portal for real-estate. The portal caters to a user’s complete residential requirements with a number of services including property search, apartment management and vendor management.
Speaking on the occasion, Sumit Jain, Co- founder and CEO at CommonFloor said, “We have seen phenomenal growth in the past 2 years on every possible parameter. This round by our existing investors is a vote of confidence in our vision, leadership team and business model… 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.”
The portal has around 75,000 projects listed on their portal, with nearly 2 lakh active listings. In one of its recent developments, the company has expanded its geographic footprint with new offices in 11 cities – Jaipur, Chandigarh, Lucknow, Nagpur, Indore, Ahmedabad, Kochi, Coimbatore, Mysore, Kolkata and Mangalore – taking its total number of offices to 18.
Among others, CommonFloor faces a straigt competition from Housing.com, a Mumbai based real estates classified portal, that earlier in September 2013 acquired domain name ‘.com’ for USD 1 million.
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