Google Capital Invests In Indian Real-Estate Platform CommonFloor

Q: CommonFloor, which claims to be Indias largest online real estate platform, has raised an undisclosed amount of new funding from Google Capital.

Devank, Bangalore

9th January 2015

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Replies (19)

Maxheap Technologies, the company which runs online property listing portal, Commonfloor has raised R60.35 Cr from Google Capital, a growth equity fund backed by Google.

With this the 7 year old venture becomes the third Asian investee after Chennai-based enterprise software maker FreshDesk and China's optical technology company, InnoLight.

Ayesha, Delhi-NCR

12th January 2015

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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.

Bhuvan, Delhi-NCR

12th January 2015

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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.

Ayesha, Delhi-NCR

12th January 2015

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It is also come to hear that CommonFloor is in talks with the government for its ambitious affordable housing. It has lowered interest rates on home loans, established a framework for REITs and, most recently, relaxed FDI norms in the construction sector.

Bhuvan, Delhi-NCR

12th January 2015

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Well Ashish,
It happened due to internet and smartphone entry in the country that has grown significantly, Jain and his 1000-odd team are working towards helping every Indian own a property. They have complete neighborhood information on CommonFloor which help you identify the right locality and neighborhood you want to invest in.

Bikram, Mumbai

11th January 2015

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As per Google India's data the organized real estate market in the country is expected to almost double from $79 billion in 2013 to $140 billion in 2017 with 75% of the demand fuelled by residential properties. The report also said that 53% of real estate transactions in the country are influenced by the internet and 40% of the searches are through mobile phones.

Ashish Bhoite, Mumbai

11th January 2015

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The company will invest funds towards technological growth, product development and marketing. They want to develop data-driven products to help property buyers make informed decisions.

Bikram, Mumbai

11th January 2015

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Company's CEO didn't disclose the size of the investment, but they said that Google Capital will take a board seat in the company. Last year, the Bengaluru-based company has raised $30 million from American hedge fund Tiger Global Management, taking the total funds raised so far to nearly $50 million. Accel Partners had invested in an earlier round.

Abhishke Karule, Mumbai

11th January 2015

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In a statement CommonFloor, CEO, Mr. Sumit Jain thanks to their company member saying that getting great people on board is half the job done and very important for us. Hiring will continue. We have just acquired Bakfy, a Bengaluru-based start-up for its founders and team that brings with it the expertise of building a mobile-only social network in the country.

Anthony, Bangalore

10th January 2015

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About Google Capital: Google Capital is a growth equity fund backed by Google. Google Capital invests in companies that use technology to change the way people experience the world. Advised by Google technology, product and business leaders, the Google Capital team has the extensive operational and technical expertise to make smarter investments and help our portfolio companies succeed. Some of Google Capital’s investments to date include SurveyMonkey, Lending Club, Credit Karma and Freshdesk.

Satya, Bangalore

10th January 2015

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You are right....
From searching for an apartment to facilitating interactions within an apartment community on the CommonFloor.com, to connecting one to relevant service providers, the platform is dedicated to meeting all aspects of consumers' needs around their home.

Anthony, Bangalore

10th January 2015

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Cheers.....
Being a resident of Bengaluru i can proudly say that CommonFloor.com, is India's leading real estate platform that combines property search, apartment management and vendor management and caters to a person's complete residential requirements.

Satya, Bangalore

10th January 2015

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Well Sashmita,
I can only say that this investment comes at an exciting time for the online real estate sector in India, fueled by the Indian Governments goal of providing Housing for All by 2022. To achieve this, the Government is allocating a budget of Rs.4000 crore for affordable housing, introducing incentives for infrastructure financing by the RBI. It has lowered interest rates on home loans, established a framework for REITs and, most recently, relaxed FDI norms in the construction sector.

Shantanu Kumar, Mumbai

9th January 2015

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At the same time a reply came from David Lawee, Partner at Google Capital and he said that CommonFloor.com makes it easy for people in India to research, buy, sell and rent real estate.

Sashmita Nair, Bangalore

9th January 2015

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Sumit Jain, Co- founder and CEO at CommonFloor.com said that his investment shows that Google Capital believes in CommonFloor and our vision to transform the real estate market in India. We look forward to drawing on the technical and operational expertise of Google Capital's partners and advisers as we continue to scale our business.

Sashmita Nair, Bangalore

9th January 2015

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Earlier in mid-December, SoftBank Internet and Media Inc together with Falcon Edge Capital committed to invest $90 million in reality website Housing.com.

In November, News Corp., the media and publishing firm owned by Rupert Murdoch, acquired a 25% stake in the Indian online real estate portal PropTiger.com for $30 million.

Shantanu Kumar, Mumbai

9th January 2015

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Well Sashmita,
Do you know the journey of CommonFloor, founded by Sumit Jain, Lalit Mangal and Vikas Malpani in 2007 and has more than 100000 residential projects listed on its platform from over 200 cities. The company, which is backed by Accel Partners and Tiger Global, has about 10 million homes mapped on its platform and has over 500000 active property listings. It currently has a team of more than 1000 employees.

Shantanu Kumar, Mumbai

9th January 2015

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It really sounds good....
In a reply Google Capital said that the online real estate market in India is balance for tremendous growth, which is why we are excited to work closely with CommonFloor's excellent team in the months and years ahead,

Sashmita Nair, Bangalore

9th January 2015

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Online real estate platform CommonFloor.com said on Thursday i.e. 08.01.2015 that it has received an undisclosed amount of funding from Google Capital. The company in a statement said that this is Google Capital's third investment in Asia.

Sashmita Nair, Bangalore

9th January 2015

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