Real estate and apartment management portal CommonFloor has raised $30 million in its fifth round of funding from existing investor Tiger Global. The company said it would use the funds to invest in new technology, product development, recruitment and to expand to at least 22 new cities in the country over the next one year. Earlier this year, the Bangalore-based company had raised Rs 64 crore in Series D funding from Tiger Global and Accel India.
Currently, the company offers its services in four different verticals; real estate marketplace, Home Needs section, Apartment Groups section, and student and bachelor accommodation section. The Home Needs section lets users search for home decor and other home services vendors, home loan experts, and home appliance dealers among others. The Groups section lets users create local communities and provides them with a sort of management platform.
CommonFloor also offers interesting features like drone services to take panoramic pictures from planned high rise apartments and photographic verification of properties listed. It had also launched an Android app called CommonFloor Property India in March last year, that offered an augmented reality based search, which allows a user to hold the app in camera mode and browse through property listings within 2.5 km radius of their current location.
CommonFloor currently claims to have more than 1 lakh projects listed on its portal with more than 4 lakh active listings. It has offices in 18 cities in India, including Bangalore, Mumbai, Mysore, Pune, Jaipur, Lucknow etc., and claims to have property listings from 120 cities across the country, on its platform.
Flat.to acquisition: In April this year, CommonFloor had acquired student accommodation portal Flat.to to enter into the student and bachelor accommodation segment. The company had said then that Flat.to would continue to function independently with its co-founder and CEO Gaurav Munjal heading it. The website provides users accommodation either through brokers or directly via owners and also lets then search for flatmates by listing their flats on the service. The service currently claims to have tie-ups with over 200 colleges and has more than 7000 flat listings on its site.
Previous fundraising: CommonFloor had raised $7.5 million in a Series C round of funding from Tiger Global Management and Accel India in July last year. The same investors had also invested an undisclosed amount in the company in a series B round in October 2012, and Accel had invested in the company back in 2009.
Competition: Other players in the space include Nexus Venture Partners-backed Housing.com that had raised Rs 115 crore in July. Then there is Accel Partners and SAIF Partners backed PropTiger, Times Business Solutions’ property listing portal MagicBricks, Info Edge’s 99Acres, Helion Venture Partners backed IndiaHomes (which raised $24.8 million from US-based VC New Enterprise Associates (NEA) and existing investors in April this year), and IndiaProperty backed by Canaan Partners and Mayfield Fund among others.