CommonFloor Receives Fresh Funding from Google Capital
CommonFloor has done it again for the third time!! CommonFloor, which is currently one of India’s largest online real estate platform has received new funding of an undisclosed amount from “Google Capital”. The noteworthy thing about this funding is that this is Google Capital’s third investment in Asia. Google Capital focuses on startups in the mid-to-late stages of growth. The company has invested in 10 companies since its launch in February 2014.
Google Capital’s interest in Asia is a promising sign for several startups, as tech companies in their post-seed stage usually find it very difficult to raise venture funding. Similar to Google Capital, other firms such as SoftBank, Rakuten and Incubate Fund have now started pouring more money into startups in India, China and Southeast Asia. South Korea too recently saw a good funding activity.
Though Asian startups have not been receiving proper VC-backing and opportunities for exits, it is understandable that firms like Google Capital are now turning their attention towards the region, as Asia is set to become the world’s largest e-commerce market. There is plenty of room left for growth, especially in regions of Southeast Asia and India.
Before receiving funding from Google Capital, CommonFloor had earlier successfully raised close to $50 million from Accel Partners and Tiger Global. Hence, this would be the third major funding the company has received. According to Sumit Jain, Co-Founder and CEO of CommonFloor, funding from Google Capital will give the company a chance to take advantage of Google’s technical and operational expertise to scale up its business.
About CommonFloor
CommonFloor was founded in 2007 and has grown since then into a company with more than 1,000 employees in more than 22 locations across India. It has currently over 20,000 properties listed directly from real estate owners. The company has now plans to grow beyond being just a listings site.
Apart from working on its platforms, the company seeks to grow through acquisitions. The company recently acquired Bakfy, which will allow CommonFloor to use its local and social search capabilities in order to help people find new apartments in the neighbourhood. The company plans to acquire more companies to utilise the skills and expertise of their staff.
