Commonfloor has announced the acquisition of Flat.to, a real estate service that helps students and bachelors find flats, paying guest accommodation and hostels across several cities in India. Terms of the deal have been kept undisclosed.
The acquisition will help CommonFloor.com to foray int student / bachelor accommodation space, which is fast gaining traction across major metros in the country.
As per the announcement, Aakrit Vaish, Co-founder and Chairman at Flat will now exit the company. Sharing his thoughts, Aakrit said, “Flat.to was started with the very simple idea of simplifying student housing. I’m proud of what we have been able to achieve in less than a year of operation, and wish the team all the best as they grow to the next level. I will always remain their biggest fan.”
Flat.to however will continue to function independently with its current identity and Cofounder and CEO Gaurav Munjal continue to head the company operations.
Based out of Mumbai, Flat.to was founded by Gaurav Munjal and Aakrit Vaish in 2013. The portal also provides assistance in finding a flat mate, in case one has already identified suitable accommodation
“CommonFloor.com has always strongly focused on fulfilling every possible property information need of users at all stages of the property cycle… By acquiring Flat.to we will now be able to cater to a new segment of the property market – students and bachelors. This is a large segment in the online real estate space with a unique set of needs and requires a different focus,” said Sumit Jain, Co-founder and CEO, CommonFloor.com.
Launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani, 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.
Apart from expanding its current set of offerings to its users, CommonFloor.com continuously strives to offer easy-to-use tools and most innovative technology as well. The company has over 75,000 projects listed on their portal, with nearly 2 lakh active listings.
Earlier this year Commonfloor.com had raised USD 10.4 million from Tiger Global and Accel Partners.
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Category Business Investments