Dreamz Infra News, CommonFloor Raised Investment from Tiger Global and Accel Partnersby Dreamz GK article writer
With the new investment activities happening in the online firms, Dreamz Infra news would like to give you an idea of what is happening in the online real estate market. CommonFloor one of the online real estate portals based in Bangalore City has increased Rs.64 crore from its existing investors Tiger Global and Accel Partners in its fourth round. This Bangalore-based company had risen over Rs.45 crore ($7.5 million) from the same investors in last July.
This investment was confirmed by Mr. Sumit Jain, the cofounder and chief executive officer of CommonFloor. He also added that the company is implementing new technology, product, and operations that made it to invest further in this field.
Though the company did not disclose the estimation that it received, but many investment bankers expressed that t online services companies can clench high assessments in case they become a favorite site for customers. For an example, Zomato an online restaurant discovery portal raised above Rs.220 crore last year and it was evaluated over Rs.1,000 crore.
Raja Lahiri-partner at Grant Thornton India Companies, a financial advisory firm said that in online services the crucial fact is that brands like Zomato, Book My Show, and CommonFloor have become very popular among customers and they are able to attract multiple searches.
In regard to this, the Venture investors have begun this New Year with an outbreak of investment activity by raising fund from India Quotient and angel investor through its Grabhouse an accommodation listing site. In the same period, Bank Bazaar an online financial services firm raised about Rs.80 crore ($13 million) from Sequoia Capital.
Some of the other firms that come under this category and which has raised fund are Sure Waves Media Tech; Bluegape, a Fan merchandise site; Think Link Supply Chain Services, a supply chain services firm; Lingua Next and digital media technology company, a local language software solution provider etc.
CommonFloor was established in 2007 by Mr. Sumit Jain and his IIT-Rourkee classmate along with another friend Vikas Malpani, a graduate of Visvesvaraya Technological University. The company makes revenues from builders and brokers and allows the individual users to list advertisements for buying, selling and renting of property for free.
Mr. Jain has also invested in data analysis, which will provide research reports to users also added that the online market is vast, developing and provides space for multiple players and currently the company has aimed to profit about Rs.150 crore in the next two years. Some of the major companies that rule the online property listing market are 99Acres, and CommonFloor, MagicBricks and new firms like Housing and FirstGhar have also emerged in the past two years.
According to a report of Cushman & Wakefield, a property consultant, it is projected that by 2020 the real estate industry in the country will touch over Rs.11 lakh crore ($180 billion). The report also showed that in the next five years, the top eight Indian cities will see a further demand of 2.8 million units in the residential segment.
Subrata Mitra-partner at Accel Partners said the possibility of the CommonFloor firm and the market is what resulted in investment. Mitra also added that the speeded up dispersal of internet coupled with flexibility in India is what moving the online real estate research is moving in a big way. Mitra, who is on the panel of the firm, said that even the builders are enthusiastic to move some of their important portions of their marketing budget to online.
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Created on Dec 31st 1969 19:00. Viewed 0 times.