CommonFloor Raises USD 7.5 Mln Series C Funding!
CommonFloor.com, a leading online real-estate and property portal in India has raised USD 7.5 million Series C funding from their existing investors Tiger Global and Accel Partners.
It is interesting to note that CommonFloor had raised their Series B round in Oct 2012, less than a year back. Series A happened in 2009 and Accel Partners were the sole investors. The financial details about both their previous rounds were not disclosed.
According to the press release sent to us, the new round of funding will be used to penetrate deeper into existing markets, expand their marketing initiatives and invest in technology and product enhancements.
CommonFloor has been growing quite well over past couple of years and according to comscore, traffic to their portal has grown 100 percent year on year. They currently have 600,000 projects listed on their portal and listings have grown by over 500 percent in the past financial year.
On the revenue side, CommonFloor.com currently has 1000 paying customers that include builders, agents and vendors. According to their PR, the company has been growing at nearly 100 percent quarter on quarter. They aim to achieve a turnover of USD 25 million in next 2 years.
Currently the company has offices in 7 cities – Bangalore, Gurgaon, Noida, Pune, Hyderabad, Mumbai and Chennai.
Online Property Vertical Growth
The offline real estate market has slowed down over past 2-3 years compared to the boom that we saw between 2004 – 2009. This seems to be playing quite well for these real estate portals.
It looks like because offline market is not doing to well, property and real estate developers are now turning towards online channels to sell their properties. This move has been quite beneficial for real estate portals like CommonFloor.com.
Recently another startup, housing.co.in had raised USD 2.5 million in less than a year from their launch. This also shows that online real estate market is now finding favour with venture capitalists.