Commonfloor raises second round fund from investors
A real estate and management web portal, Commonfloor.com has raised second round of fund from existing investors, Accel India and Tiger Global Management, a New York-based investment firm. The amount has not been disclosed by the firm.
Firstly, the firm has raised fund from Accel India in 2009.The second round fund raising will be used to scale presence across multiple cities, upgrading technologies, hiring talented executives and expanding marketing initiatives.
Sumit Jain, co-founder and chief executive officer of the firm said that they are looking to expand operations and develop their services.
He also said, there was a significant uptake of the services across metros and tier 1 cities and to gather information, internet is being used in large scale. Adding to that the investments from Accel India and Tiger Global underline the potential of online solutions for real estate needs and the growth expected in this sector.
Commonfloor was started in Bangalore in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani and is currently used in over 120 cities. The company has opened offices in Delhi-NCR, Mumbai, Chennai, Hyderabad and Pune and almost 50,000 communities listed with it, constituting more than 250,000 homes.
Accel India, commonfloor.com, fun raising, real estate and managament web portal, Real Estate Sector, real estate web portal, Sumit Jain, technology upgradation, Tiger Global Management
