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CommonFloor.com, a leading property portal, has raised $7.5 million (Rs 48 crore approximately) in the third round from Tiger Global and Accel India. It had earlier raised funds in two tranches from Accel India in 2009 and then again in 2012, from both Accel India and Tiger Global Management.
The Bangalore-based firm plans to use the fund to penetrate deeper into existing markets, expand marketing initiatives and invest in technology and product enhancement.
Sumit Jain, Co-founder, CommonFloor.com said, “The online play in real estate is a billion-dollar opportunity and being the fastest growing real estate portal in the country, we are ideally placed to make the most of this.”
According to ComScore, a source of digital business analytics, CommonFloor is one of the fastest growing real estate portals in the country growing by more than 100 per cent annually. The online property search portal has more than 1,000 paying customers with revenues growing by more than 100 per cent every quarter. It aims to achieve a turnover of $25 (Rs 140 crore) in next two years.
With over 60,000 projects listed on their portal, property listings have grown by more than 500 per cent in the past financial year, the company said.
Incidentally, another Mumbai-based property search portal Housing.co.in raised about $3.5 million from Nexus Venture Partners in June.
priyanka.pani@thehindu.co.in
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