In January, Tiger Global Management and Accel India invested $10 million into CommonFloor.com, India’s No.1 real estate portal to fuel growth through new marketing initiatives, product development and building on its research expertise in the real estate domain.
Today, the firm announced it has received USD 30 million in a new round of funding again from Tiger Global to support it’s vision “to think out of the box, innovate and lead the online real-estate sector in its journey to further enhance user experience.”
According to Sumit Jain, Co- founder and CEO of CommonFloor.com said, “We have more than doubled our revenues and traffic and the funding will further accelerate our growth plans. This round of funding will be used to invest further in our product and technology that will enhance customer experience. The company will continue to strategically scale-up its marketing and operations across the 18 cities where it’s currently present and expand to 22 new markets in India.”
After the raise, CommonFloor says it has witnessed a 100% increase in traffic, 125% jump in live listings and added over 25,000 communities in the last two quarters. The website also gets more than 25% traffic on its site via mobile app.
Launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani, CommonFloor.com is now available in over 120 cities and has launched tools to help users search for property, manage their properties among others. Its augmented map-based mobile app signals users about available properties in the vicinity, drone service to take pictures of panoramic views from planned high rise apartments and systematic photographic verification of properties listed help users make a smart property decisions.
“India’s online real-estate sector has been expanding rapidly as Internet access grows, especially
through mobile. CommonFloor.com has carefully mapped the needs of the online-based real estate ecosystem and has forged a clear path toward future growth. We are pleased to continue to partner with them” said Lee Fixel, Partner at Tiger Global Management.