Indian property listings site CommonFloor got $10 million in fresh funds at the start of this year. Some of that cash has just been put to good use to acquire the student accommodation marketplace Flat.io.
The deal – for an unknown sum – sees CommonFloor venture into a new real estate area, covering rental flats and hostel rooms aimed at students and bachelors. It’s a growing sector as more Indians venture away from their hometowns to attend college or seek a first job. CommonFloor cites a UN-HABITAT survey that estimates 3.7 million Indians migrate within the country on account of education, while more than 10 million do so in search of a job.
Startup just 10 months old
Flat.io covers rentals in Mumbai, Pune, Bangalore, Kota, Jaipur, and Delhi. The site – which started up just 10 months ago – will continue to operate independently. Today’s announcement says the site is now getting 25,000 visits a month.
CommonFloor, which focuses on brand-new property developments, has over 250,000 million property listings right now in about 120 Indian cities.Editing by Josh Horwitz