Google Capital invests in CommonFloor.com

Bangalore: Google Capital, the late stage investment fund of the internet giant, on Thursday announced that it has invested in online property search platform, Bangalore-based CommonFloor.com.

Neither CommonFloor or Google Capital disclosed the quantum of funding, but sources said it is around $10 million (Rs 63 crore).

Google Capital had earlier invested in the startup company Freshdesk, which was founded in Chennai but later moved to San Francisco.

The move comes a few weeks after CommonFloor’s rival, Mumbai-based Housing.com, announced a $90-million funding from Japanese giant SoftBank, signifying growing investor interest in India’s online property search firms.

CommonFloor.com was started in 2007 by IIT Roorkee classmates Sumit Jain and Lalit Mangal. Their colleague Vikas Malpani had raised $50 million from Accel Partners and Tiger Global in four rounds before Google came on board.

Jain, 29-year old co-founder and CEO of CommonFloor, said the company sees rapid growth with quarterly revenue quadrupling in 18 months. He however did not divulge further details on the company’s financials.

CommonFloor has a half a million properties listed on its site. “The money raised will be strategically invested in making the platform more robust to enable the buyers and sellers to find their match faster,” Jain said.

CommonFloor had a few days ago acquired a hyper-local social platform, Bakfy, and bought out Flat.to, an online accommodation-finder for students and bachelors, in April 2014.

“The online real estate market in India is poised for tremendous growth, which is why we’re excited to work closely with CommonFloor’s excellent team in the months and years ahead,” said David.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.