Tiger Global has invested $10.4 million (Rs. 64 crores) into CommonFloor.com, India’s No.1 real estate portal according to Comscore.
Accel India also participated in the round which the firm says will use to fuel growth through new marketing initiatives, product development and building on its research expertise in the real estate domain.
Last year the firm also received $7.5 million in Series C round from Tiger Global and Accel India.
Speaking about the funding, Sumit Jain, Co- founder and CEO of CommonFloor.com said, “We have seen phenomenal growth in the past 2 years on every possible parameter – be it financials, visitors, advertisers or engagement. In fact, our topline has continued to grow by over 100% quarter on quarter since last year and we have been able to beat deep-entrenched competition in a short time frame to emerge as leaders in this space. This round by our existing investors is a vote of confidence in our business model, leadership team and vision.”
Jain said people expect much more from real estate portals than just listings as they want the sites to help them make intelligent decisions – whether it is about purchasing a home or even decorating one. CommonFloor.com wants to do just that.
CommonFloor.com has more than 75,000 projects listed on their portal, which is more than any other property portal in India. It also currently has nearly 2 Lakh active listings. With regards to recruitment the company has hired top talent that has worked previously for the likes of Google. It is also filling its ranks with graduates from top engineering and management colleges in India like ISBs, IITs and IIMs. On the technology front, the company recently launched its mobile app for iOS. The app offers innovative features like map search and augmented search.
CommonFloor has also recently 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. This takes the tally of their offices to 18. The company plans to continue to expand to new locations going ahead.
Subrata Mitra, Partner, Accel India said the current round of financing will help accelerate the growth & leadership of the 2007 founded company.
“With the accelerated penetration of Internet & connected mobility in India, real estate research is moving online in a big way. As a result, the builders are willing to move significant parts of their marketing budget online. CommonFloor.com, with its leadership in the online property listing space, is uniquely positioned to take advantage of this market dynamics, as they have been demonstrating with significant growth in the past couple of years. We’re confident that the current round of financing with further accelerate their growth & leadership in the space.”