CommonFloor raises Series B funding from Tiger Global, Accel India
Commonfloor.com, a real estate and apartment management portal, has raised an undisclosed amount in Series B funding from existing investor Accel India and new investor Tiger Global Management, a New York-based investment firm. The funds will be used for scaling the company's presence across multiple cities, upgrading technology capabilities, hiring talent and expanding marketing initiatives.
Sumit Jain, co-founder and CEO, CommonFloor, said, "In the last couple of years, we have witnessed a significant uptake of our services across metros and Tier 1 cities, where consumers are increasingly shifting to the internet to gather information about real estate. The investment from Accel and Tiger Global underline the potential of online solutions for real estate needs, and the growth expected in this sector."
The Bangalore-based company was launched in 2007 by Jain, Lalit Mangal and Vikas Malpani. The site combines property search, apartment management as well as vendor management. It caters to residential requirements like searching for an apartment, facilitating interactions within an apartment community (on the 'common floor' platform) and connecting them to relevant service providers. As of now, the company is present in 120 cities and claims to have over 50,000 communities listed with it.
The company, incubated in Morpheus startup accelerator, had received its first round of funding from Accel India in 2009. It recently opened offices in Delhi-NCR, Mumbai, Chennai, Hyderabad and Pune. It had earlier brought on board Ramathreya Krishnamurthi (previously director product and business operations at Minglebox Communications) as president, business operations.
(Edited by Prem Udayabhanu)