AVCJ

Tiger Global, Accel invest $7.5m in India’s CommonFloor

  • Mirzaan Jamwal
  • LinkedIn  
  • Google plus  
  • Save this article  

Tiger Global Management and Accel Partners have invested another $7.5 million in Indian real estate and apartment management portal Commonfloor.com.

Established in Bangalore in 2007, Commonfloor provides real estate listings particularly for apartments and gated communities. According to Techcrunch, property listings in the website have grown by 500% in the past year, with revenue growing 100% each quarter.

The company has close to 50,000 communities listed with it and serves customers across 120 cities. It also offers apartment management software and accounting software for residential communities and has more than 1,000 paying customers that include builders, agents and vendors.

The new funds will be used to set up new offices, expand in existing markets, for sales and marketing and for technology and product development.

Commonfloor raised its first round of funding from Accel in 2009. The VC also participated in a second round of funding last year, along with Tiger Global.

Another investment in Indian property websites this year has been Nexus Venture Partners' $2.5 million commitment to Housing.co.in in June.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on South Asia

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs