Commonfloor.com, a real estate and apartment management portal, has raised series-B funding from existing investor, Accel India and Tiger Global Management. The financial details of the funding have not been disclosed, yet. The company reports that the new funds will be used for expanding its operations across multiple cities, upgrading technology capabilities, hiring talent and for marketing purposes.
Commonfloor offers a listing of properties such as apartments, row houses, villas and plots. It also provides discussion forums for interactions within an apartment community. It recently added a maps feature that allows users to search properties from the website’s integrated Google Maps. The company claims that the product is currently used by customers in over 120 cities across India and has about 50,000 communities listed with it. It also claims that its service has seen greater adoption across metros and Tier 1 cities in the last couple of years.
The Bangalore-based company, was founded by Sumit Jain, Lalit Mangal and Vikas Malpani in 2007. It recently opened offices in Delhi-NCR, Mumbai, Chennai, Hyderabad and Pune. Commonfloor had previously raised funding from Accel India in 2009.
Competition: Commonfloor competes with GrOffr.com, which provides a real estate group buying portal and offers deals in Mumbai, Pune, Bangalore, Hyderabad, Chennai, Kochi, Nagpur, among others. GrOffr had raised series A funding in a round led by Indian Angel Network.
Sulekha.com had also launched Sulekha.com Property, a site for Property related information, including buy or sell property listings, rentals, information on localities and brokers, and others. Commonfloor also competes with Magicbricks, iProperty.com, and 99Acres. Recently, Mogae Digital had also partnered with Mobiya to launch a suite of mobile classifieds services on SMS including a property search service.