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Property portal CommonFloor raises $30 million

Comments Off on Property portal CommonFloor raises $30 million   |   September 24, 2014    08:42pm   |Contributed by Indian Realty News

BANGALORE: Online real estate portal CommonFloor has raised $30 million (over Rs180 crore) in its fifth round from existing investor Tiger Global. In January, the Bangalore-based company had raised about Rs 65 crore from Tiger Global and Accel Partners.

Sumit Jain, cofounder and chief executive officer of CommonFloor, confirmed the investment. “We will invest in technology, product development, hiring and expanding to at least 22 new cities in the next one year,” he said.

While the company did not disclose the valuation it received, Jain said that Common Floor expects to earn a revenue of $25 million in the next one year. “We have grown 100% in terms of revenue and traffic since January.”

Jain and his IIT-Roorkee classmate, Lalit Mangal, founded CommonFloor in 2007 along with another friend Vikas Malpani, an alumnus of Visvesvaraya Technological University.

While individual users can list advertisements for buying, selling and renting of property for free, the company earns revenues from builders and brokers who pay a fee.

The housing classifieds market is getting increasingly competitive, with start-ups like Housing.com and Commonfloor backed by venture capital funding, competeting hands on with companies like 99Acres and Magicbricks.

Last week, ET reported that rival property portal Housing.com is in talks to raise as much as $30 million (about Rs 180 crore) from existing and new investors, including Russian venture capitalist Yuri Milner in his personal capacity and Tybourne Capital.

It is estimated that the real estate market in the country will reach $180 billion (over Rs 11 lakh crore) by 2020. In just residential property, the top eight Indian cities will see an additional demand of 2.8 million units in the next five years, according to property consultant Cushman & Wakefield.

Source: ET

News Published Under:   Bangalore, Real Estate India | Comments Off on Property portal CommonFloor raises $30 million