Property Portal CommonFloor Gets $7.5 Million Funding to Expand Across India

Indian real estate portal CommonFloor has wrapped up its third major funding round, the startup revealed today. The newest injection of capital is worth $7.5 million and comes from existing investors Accel Partners and Tiger Global Management. The money will be used to expand its property listings across the country.

CommonFloor has operations right now in Chennai, Bangalore, Hyderabad, Pune, Mumbai, and Delhi-NCR. With the new series C funding, notes the TechCircle blog, the property site will venture into Coimbatore, Ahmedabad, Kolkata, and Jaipur.

The real estate site doesn’t just have new property listings and reviews but also incorporates a platform for residential community management. It’s all free to use for regular folks, and so CommonFloor monetizes from listings, the community platform, marketing, and advertising from the condo makers. It currently has over 100,000 active listings and 1,000 corporate customers.

The Bangalore-based startup is aiming for $25 million in revenues in the next few years.

Perhaps CommonFloor’s coolest feature is its augmented reality-enable Android app (pictured right; get it here) that lets you use your camera to scan a neighbourhood for available property listings.

CommonFloor’s series B also came from Accel Partners and Tiger Global in October last year, but the funding amount was not revealed last time.

Rival sites in the country include Housing.co.in and MagicBricks.

(Source: TechCircle)

(Editing by Enricko Lukman)