Tiger Global commits $30m to India property portal

The funding comes less than a year after Tiger Global and Accel Partners committed INR640 million ($10.5 million) to the company. According to AVCJ Research, CommonFloor completed two earlier rounds, receiving an undisclosed sum from Tiger Global and Accel in late 2012 and then INR450 million from the same investors in July 2013.

Launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani, CommonFloor claims to provide "complete, end-to-end services that go beyond property classifieds." These include apartment management and vendor management, a map-based mobile app that indicates available properties in an area, and photographic verification of listed properties.

The new funding will be used to invest in products and technology, with a view to enhancing the user experience, and scaling up the company's marketing network. CommonFloor is active in 18 cities and wants to enter 22 new urban markets in India.

CommonFloor receives more than 200,000 users each day and offers 500,000 listings covering 120 cities. It has seen a 100% increase in traffic and a 125% rise in live listings in the last two quarters, as well as adding over 25,000 communities.

Over 50% of the traffic to the CommonFloor platform comes from urban India, predominantly Mumbai, New Delhi, Bangalore and Chennai, and another 10% comes from overseas. CommonFloor's mobile app is now responsible for more than 25% of overall traffic.

"India's online real-estate sector has been expanding rapidly as Internet access grows, especially through mobile. CommonFloor.com has carefully mapped the needs of the online-based real estate ecosystem and has forged a clear path toward future growth," Lee Fixel, a partner at Tiger Global, said in a statement.

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• Topics
• Real estate
• Technology
• South Asia
• Expansion
• India
• Real estate
• TMT
• Growth capital
• Tiger Global Management