Property portal Commonfloor.com, which helps people buy and rent properties, has raised $30 million in a fresh round of funding from American hedge fund Tiger Global Management, an existing investor in the company.
Sumit Jain, co-founder and chief executive of Commonfloor, said his company would be investing the funds in new products and technology, along with expanding reach to new Indian towns and cities.
?We are currently operational in 18 Indian cities and want to tap an additional 22 markets next year,?Jain told FE. ?We are also aiming to have a million property listings on our website by March 2015, double what we have at present.
One of the new services Commonfloor will be offering shortly is access to home loans. Jain said the company was in the process of tying up with financial services institutions, who would make their home loan products available to customers on its platform. ?Since our website will be channelising demand for loan products for these financial services firm, it will be a subscription-based model where we will earn revenues from them?,?Jain said.
With the ciurrent round of funding, Commonfloor has raised close to $50 million in equity funding. This includes $10 million raised in January from Tiger Global and Accel Partners, and another $7.5 million raised from these two before that.