Real estate portal Commonfloor has raised $30mn funding led by Tiger Global Partners.
The fund will primarily be used to go deep in Tier-2 cities. Common floor currently has half a million listings, out of which 20000 comes from owners. The immediate goal, as Sumit mentions is to reach to a million active listings.
Commonfloor, that was launched in 2007 by a team of IITians was one of the first to roll out the map-based real estate search in India.
With more than 2,00,000 users visiting the portal every day, CommonFloor.com has witnessed a 100% increase in traffic, 125% jump in live listings and added over 25,000 communities in the last two quarters. The website also gets more than 25% traffic on its site via mobile app.
“We have more than doubled our revenues and traffic and the funding will further accelerate our growth plans. This round of funding will be used to invest further in our product and technology that will enhance customer experience. The company will continue to strategically scale-up its marketing and operations across the 18 cities where it’s currently present and expand to 22 new markets in India.” [Sumit Jain, Commonfloor]
Commonfloor : A Journey of Pivoting And Scaling
In their first year CommonFloor voluntarily ignored funding. For three years between 2009 and 2011, the company functioned with a team of 20, mostly interns (read : The CommonFloor Journey : Frugal, Trumped Recession & Now has 80,000 Projects Listed on It).
Note on Commonfloor Competition
– IndiaProperty Raised $12mn led by Bertelsmann with participation from existing investors Canaan Partners and Mayfield Fund.
» Commonfloor Culture Commonfloor is hiring on NextBigWhat’s jobs portal for various senior roles. [Read Decoding CommonFloor’s Culture Code : “Perseverance and Self-Belief Is The Key”]