Real estate portal CommonFloor claims 1K paid customers; eyeing $25M in revenue in 2 years
CommonFloor.com, a real estate and apartment management portal backed by Tiger Global and Accel Partners, is looking to clock revenues worth $25 million in the next two years, a top executive said. Sumit Jain, co-founder and CEO of CommonFloor, told Techcircle.in that the company is positioning itself as a property marketing platform.
"Though buying/selling of real estate has been on the site for the past 18 months, it has started seeing traction recently. We have not pivoted from our basic model here. By adding the buying and selling features we enhanced our agenda of becoming a property marketing platform," said Jain. CommonFloor raised an undisclosed amount in Series B funding in October 2012 from Tiger Global and its existing investor Accel Partners.
Jain said it already has more than 1,000 paid customers. "Our portal is free for end users and we charge businesses for listings, marketing and advertisement on our site. We offer different packages. Our paid customers fall in different ranges starting from Rs 10,000 to sometimes as high as Rs 5 lakh," Jain added. He said CommonFloor, which has been growing 100 per cent in revenues on a quarterly basis, now has a team of 300 people. The startup is also expanding geographically. It entered Delhi about eight months back and is foraying into Mumbai by the end of this month.
Bangalore-based maxHeap Technologies Pvt Ltd, which owns CommonFloor, was founded in 2007 by Jain, Lalit Mangal and Vikas Malpani. The site combines property search, apartment management as well as vendor management. The company was incubated in The Morpheus startup accelerator and received its first round of funding from Accel in 2009.
The portal has gone through some user interface revamp since we last wrote about them. We can see more stress on buying/selling and property search in the first look. It also launched augmented reality (AR)-based search for properties and apartments last month. Jain disclosed that the app has seen more than five thousand downloads since then and an iOS version would be out very soon.
(Edited by Prem Udayabhanu)