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CommonFloor raises Series B funding from Tiger Global, Accel India
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Commonfloor.com, a real estate and apartment management portal, has raised an undisclosed amount in Series B funding from existing investor Accel India and new investor Tiger Global Management, a New York-based investment firm. The funds will be used for scaling the company's presence across multiple cities, upgrading technology capabilities, hiring talent and expanding marketing initiatives.
Sumit Jain, co-founder and CEO, CommonFloor, said, "In the last couple of years, we have witnessed a significant uptake of our services across metros and Tier 1 cities, where consumers are increasingly shifting to the internet to gather information about real estate. The investment from Accel and Tiger Global underline the potential of online solutions for real estate needs, and the growth expected in this sector."
The company, incubated in Morpheus startup accelerator, had received its first round of funding from Accel India in 2009. It recently opened offices in Delhi-NCR, Mumbai, Chennai, Hyderabad and Pune. It had earlier brought on board Ramathreya Krishnamurthi (previously director product and business operations at Minglebox Communications) as president, business operations.
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(Edited by Prem Udayabhanu)