Bangalore bases real estate and apartment management portal CommonFloor.com has raised $30 million (approx. 181 crore) series E funding from its existing investor Tiger Global Management Llc. This is the biggest round of investment for the company.
The company raised Rs. 64 crores in January from Tiger Global and Accel India this year. With the latest round of funding the total investment sums up to $50 million. With more than 2,00,000 visitors everyday CommonFloor.com has witnessed a 100% increase in traffic, 125% jump in live listings and added over 25,000 communities in the last two quarters. The portal has more than 4 lakh active listing of properties.
Commenting on the Funding, Sumit Jain, Co- founder and CEO of CommonFloor.com said, “We empower people to realize their property dreams. This investment will support the team’s vision to think out of the box, innovate and lead the online real-estate sector in its journey to further enhance user experience. 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.”
“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.
CommonFloor was founded by Sumit Jain, Lalit Mangal and Vikas Malpani in 2007 which combines property search, apartment management and vendor management and caters to a person’s complete residential requirements. The company now has more than 900 employees in its workspace.