Property portal CommonFloor.com has raised $7.5 million in a new round of funding by its existing investors, Tiger Global Management and Accel India. The company plans to utilize the funds to penetrate deeper into existing markets, expand marketing initiatives and invest in technology and product enhancement. CommonFloor.com had earlier raised Series A from Accel India in 2009 and Series B in 2012 from Accel India and Tiger Global Management.
Commenting on this development, Sumit Jain, Co-founder and CEO, CommonFloor.com said, “The online play in real estate is a billion dollar opportunity and being the fastest growing real estate portal in the country, we are ideally placed to make the most of this. It is also heartening to know that for many consumers out there, CommonFloor.com is the first choice when it comes to finding a suitable property. This round of funding by our existing investors is a vote of confidence in our business model and traction that we have built in a short time through our differentiated offerings.”
As per comScore, CommonFloor.com is the fastest growing real estate portal in the country growing by more than 100% year on year. In Bangalore, CommonFloor.com is the number one property portal as per Alexa traffic rank. Today CommonFloor.com has more than 1000 paying customers that include builders, agents and vendors. The company’s revenue has been growing by more than 100% every quarter and it aims to achieve a turnover of $25 million in the next two years.
The company has more than 60,000 projects listed on their portal and this is the largest compared to any property portal in India. The number of property listings has grown by more than 500% in the past financial year and the portal currently has more than one lakh live active listings.
CommonFloor.com has also been leading innovation in the category with new features like ‘site visit’, using which customers who plan to buy a property can avail free pick up and drop cab facility to visit selected projects in Bangalore, Delhi-NCR, Hyderabad, Pune and Chennai. The feature aims to help customers visit a property they like without having to plan in advance for transport or directions. CommonFloor.com had also recently launched a mobile application for its users with unique features like augmented reality and map search which allows customers to view properties around them; using the camera on their phone. The company has offices in 7 cities – Bangalore, Gurgaon, Noida, Pune, Hyderabad, Mumbai and Chennai.