Real estate and apartment management portal CommonFloor.com has raised $7.5 million Series C funding from existing investors Tiger Global Management and Accel India. The company plans to use funds raised to strengthen their operation in existing markets, improve its technology & product and for marketing initiatives.
Prior to this, CommonFloor.com had raised an undisclosed amount of funding from Accel India and Tiger Global Management in October 2012 and from Accel India in 2009.
Bangalore-based CommonFloor.com offers property listings and reviews across various categories like apartments, row houses, villas and plots. It also offers a map-based property search service, through which it overlays rental and property listings on a Google map. The company claims to have more than one lakh live active listings on the portal.
In March 2013, CommonFloor had released an Android app called CommonFloor Property India, that lets users search properties for buying or renting in two different modes – list mode and GP-based map search mode. It also featured an augmented reality-based search functionality, which allows one to hold the app in camera mode and browse through property listings within 2.5 km radius of their curent location.
Besides this, it also offers an online apartment management solution for residential communities, which provides features like discussion forums within an apartment community, house and member management, complaint management, income and expense tracker, ability to send messages through SMS and email to group members and the ability for residents to pay their dues online among others. The company claims to have over 60,000 listed communities which apparently constitutes more than 50 lakh homes, however there is no information on how many of these are active currently.
CommonFloor claims to have more than 1000 paying customers which includes property builders, brokers and property agencies like Prestige, Brigade, Unitech and Investors Clinic among others. It has offices in seven cities including Bangalore, Gurgaon, Noida, Pune, Hyderabad, Mumbai and Chennai.
Investments In Real Estate Segment
– Last month, Map-based real estate portal Housing.co.in had raised $2.5 million from Nexus Venture Partners. It has also raised undisclosed amount of funding from former Network 18 Group CEO Haresh Chawla in March 2013 and an undisclosed amount of angel investment led by Chaupaati Bazaar co-founder Zishaan Hayath and participation from other investors like Vaibhav Puranik, Shishir Kapoor, Hemanth Goteti, Gagan Goyal, Harsh Baid, Aditya Agarwal and Aatif Misbah in February 2013.
Other players in this space include the real estate group buying portal Groffr, Times Business Solutions’ property listing portal MagicBricks, Info Edge’s 99Acres and IndiaProperty which recently demerged as a separate entity from its parent company Consim Info.