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Accel, Tiger Global back Series B round for India's Commonfloor

  • Andrew Woodman
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Indian real estate and apartment management portal Commonfloor.com has raised a second round of funding from Accel Partners, an existing investor, and Tiger Global Management.

The company did not disclose how much was raised but said it will use the new funds to expand operations across multiple cities, upgrade technology, hire talent, and expand marketing initiatives.

Established in Bangalore in 2007, Commonfloor.com provides a one-stop solution for customers that own apartments and gated communities. The company has close to 50,000 communities listed with it and serves customers across 120 cities.

Commonfloor raised its first round of funding from Accel in 2009.

"In the last couple of years, we have witnessed a significant uptake of our services across metros and tier-one cities, where consumers are increasingly shifting to the Internet to gather information about real estate," said Sumit Jain, co-founder and CEO of Commonfloor, in a statement. "The market is growing rapidly and with our growing user-base we are ideally positioned to leverage this momentum."

Last April. Accel joined SAIF Partners in investing INR250 million ($5 million) into PropTiger Realty, an Indian property marketing firm.

Recent investments by Tiger Global include $10 million of Series B funding for Indian online private label retailer Zovi.com, alongside SAIF Partners.

 

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