The Bangalore-based online real estate platform, CommonFloor.com, has raised undisclosed amount in a new round of funding from Google Capital. This is the third investment of Google Capital in Asia.
On this development Sumit Jain, Co- founder and CEO at CommonFloor.com, said, “This investment shows that Google Capital believes in CommonFloor and our vision to transform the real estate market in India. We look forward to drawing on the technical and operational expertise of Google Capital’s partners and advisers as we continue to scale our business.”
“This will further fuel our vision to empower people to realize their property dreams. We continue to exhibit industry leading growth; the money raised will be strategically invested in making the platform more robust to enable the buyers and sellers to find their match faster,” he added.
Speaking on this investment round, David Lawee, Partner at Google Capital, said, “CommonFloor.com makes it easy for people in India to research, buy, sell and rent real estate. The online real estate market in India is poised for tremendous growth, which is why we’re excited to work closely with CommonFloor’s excellent team in the months and years ahead.”
Online real estate firm has more than 1 lakh residential projects listed on its platform from over 200 cities, more than any other property platform in India. The platform has already mapped 10 million homes and is committed to map every property in India on its platform.
This news comes in just a day after real estate portal has acquired Bakfy, a Bangalore-based startup founded by three young technology professionals Ashutosh Garg, Niranjan Bala and Rajesh Eswarlal.
It is to be noted that recently the Indian government’s has announced goal of providing ‘Housing for All’ by 2022. For this the government is allocating a budget of INR 4,000 Cr. for affordable housing, introducing incentives for infrastructure financing by the RBI.
Commonfloor had raised two funding rounds including a INR 64 Cr(roughly $10 Mn) and a $30 Mn Series E led by its existing investor Tiger Global last year. The company had raised its first funding round in 2009, second in 2012 and third round in 2013.
The online real estate market seems to be the Next Big Thing in the country, with more than 400 Mn invested in online real estate startups in 2014, the segment is expected to grow at a massive rate in the coming time.Recently, Softbank had invested $90 Mn Housing.
With over $120 Bn in revenues, the real estate market is Huge. The huge market opportunity which this sector offers has made the real estate space in India crowded with the existence of a number of players, thus the competition among the players is pretty much evident.
99acres, MagicBricks, Commonfloor, Indiaproperty, Makaan are the few players who are dominating the the real estate sector in the country.