Accel, Tiger Global invest $10.3m in India's CommonFloor

This represents the fourth round of funding the Bangalore-based start-up has raised so far. Accel first invested in the company in 2009 and was later joined by Tiger Global for a follow up round in October 2012. The pair then returned in July last year to collectively put in $7.5 million.

Set up in 2007, CommonFloor provides real estate listings particularly for apartments and gated communities. 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 firm aims to earn revenue of over INR1.5 billion in the next two years and is using part of the extra capital to invest in data analysis to provide research reports to users.

"With the accelerated penetration of internet and connected mobility in India, real estate research is moving online in a big way," Subrata Mitra, a partner with Accel, told the Economic Times. "The builders are willing to move significant parts of their marketing budget online," said Mitra, who is on the board of the company.

Other venture capital-backed players in this space include Indiaproperty.com, which is backed by Canaan Partners and Mayfield Fund; Housing.co.in, which is backed by Nexus Venture Partners; and Prop Tiger, which is backed by Accel and Saif Partners.

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• Topics
• South Asia
• Technology
• Real estate
• India
• Technology
• Real estate
• Accel Partners
• Tiger Global Management