CommonFloor.com, a real estate portal, today announced that they have raised Rs 64 crore in a new round of funding. This Series D funding has been raised from existing investors, Accel India and Tiger Global, with Tiger Global leading the round.
The company plans to utilise the amount raised for product development, building on its research expertise in the real estate domain and to fuel growth through new marketing initiatives. In July 2013, the company had announced raising $7.5 million in Series C round from Tiger Global and Accel India.
"We have seen phenomenal growth in the past 2 years on every possible parameter. The size of our community has grown manifold. Our topline has continued to grow by over 100% quarter on quarter since last year and we have been able to beat deep-entrenched competition in a short time frame to emerge as leaders in this space. This round by our existing investors is a vote of confidence in our vision, leadership team and business model,” said Sumit Jain, Co- founder and CEO of CommonFloor.com.
Subrata Mitra, Partner, Accel India said, "With the accelerated penetration of internet and connected mobility in India, real estate research is moving online in a big way. As a result, the stakeholders in the real estate industry are willing to move significant parts of their marketing budget online. We’re confident that the current round of financing will further accelerate their growth and leadership in the space."
CommonFloor.com has over 75,000 projects listed on their portal, which is more than any other property portal in India. It also currently has nearly 200,000 active listings. The company recently launched its mobile app for iOS.
The app offers features like map search and augmented search. CommonFloor has also recently expanded its geographic footprint with new offices in 11 cities - Jaipur, Chandigarh, Lucknow, Nagpur, Indore, Ahmedabad, Kochi, Coimbatore, Mysore, Kolkata
