Indian online real estate portal CommonFloor raises INR64 crore in funding

By VCPOST Staff Reporter

Jan 19, 2014 11:07 PM EST

Online real estate portal CommonFloor has secured INR64 crore in its fourth financing round. Existing investors Accel Partners and Tiger Global participated in the said round. Co-founder and chief executive officer (CEO) Sumit Jain confirmed the investment, according to The Economic Times.

The Bangalore-based firm had received $7.5 million (more than INR45 crore) from the same investors in July 2013, the report said.

The company did not disclose its present valuation, but according to investment bankers, online services portals can receive high valuations if they achieve the status of a preferred site. For example, online restaurant discovery portal Zomato was valued at more than INR1,000 crore after it raised more than INR220 crore last year, the report explained.

CommonFloor was founded in 2007 by Jain and his IIT-Rourke classmate, together with Vikas Malpani from the Visvesvaraya Technological University. The portal allows users to list property buying, selling, and renting ads for free. The firm earns its revenues from fees paid by builder and brokers, the report detailed.

According to Subrata Mitra of Accel Partners, the investment was made because of the potential that CommonFloor and the online real estate market showed, The Economic Times reported.

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