CommonFloor, an online portal for real-estate has secured USD 30 million in Series E funding round led by Tiger Global Management. The new funds will be used to enhance the product and technology along with improving the comprehensiveness and the quality of listings. Recently, it had raised USD 10.4 million in Series D and USD 7.5 million in Series C round. The latest round brings the total capital of the company is USD 47.9 million.
Founded in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani, the portal caters to a user’s complete residential requirements with a number of services including property search, apartment management and vendor management.
According to a report by YourStory, Sumit Jain, co-founder of CommonFloor said, “since the last round of investment of $10 million in January 2014, the website has seen a 100% increase in traffic, 125% increase in listings and 100% increase in revenues”.
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 18 cities including Jaipur, Chandigarh, Lucknow, Nagpur, Indore, Ahmedabad, Kochi, Coimbatore, Mysore, Kolkata and Mangalore – taking its total number of offices to 22.
Among others, CommonFloor faces a straight competition from Housing.com, a Mumbai based real estates classified portal, that earlier in September 2013 acquired domain name ‘.com’ for USD 1 million. Its another traditional competitors such as 99Acres and MagicBricks.com. Recently, CommonFloor has acquired Flat.to and has launched its Android Application for its apartment management offering, CommonFloor Groups.
CommonFloor Groups claims to have around 1 lakh gated communities and ten lakh residents across the country. The company is expected to add new features in upcoming versions that will make the app more social. In future, it also plans to make relevant information ‘Google Now’ friendly.Category Business Investments