CommonFloor looks to expand to 22 new markets in India
CommonFloor.com, the Real Estate portal has recently received another funding of $30 million in a new round raised from their existing investor, Tiger Global. This is its second round of funding after it raised Rs 64 crore in last round from Tiger Global
CommonFloor.com, the Real Estate portal has recently received another funding of USD 30 million in a new round raised from their existing investor, Tiger Global. This is its second round of funding after it raised Rs 64 crores in last round from Tiger Global and Accel India. In a candid conversation with Estate World, Sumit Jain, Co-Founder & CEO, CommonFloor.com shares his plans to utilize these funds.
1. What are your strategies to utilize these funds?
These funds will support our vision to think out of the box, innovate and lead the online Real Estate sector in its journey to further enhance user experience. We have more than doubled our revenues and traffic and the funding will further accelerate our growth plans.
This round of funding will be used to invest further in our product and technology that will enhance customer experience. The company will continue to strategically scale-up its marketing and operations across the 18 cities where it’s currently present and expand to 22 new markets in India
2. Is the realty actually proceeding the online way or e-commerce is merely a supportive hand for Real Estate?
Online is the way forward for the Real Estate sector in India. The future of the digital world is very bright. It is a revolution which has transformed the way we shop to the point where we don’t even have to make contact with another human to find a great deal.
The Internet has given way to countless breakthroughs in information sharing, business, networking, productivity. By looking at the changing consumer behaviour, it is pretty clear that change is here and more is on the way.
3. How tough is the competition when top business house have to come up with property portals and are pumping huge capital?
We always appreciate healthy competition. We call them Frenemies; Friends, because they are helping us increase the market size; enemies, because they are running after the same marketing dollar from the developers and mind share from the property seeker. Anyway, we believe that our biggest competitor is CommonFloor.
4. Now when retail portals are offering almost everything including houses, how do you analyze the trend?
The recent advent of mobile internet over the last couple of years has changed the way people shop. Internet has made life of consumers, a lot more easier. Take property searching for instance, property seekers don’t have to use just the traditional ways of finding a property, the online house hunting is much simpler and hassle-free.
By making good use of the Real Estate portals, property seekers can potentially reduce the time spent looking for properties that match their requirements and help them make effective decision with the best deals available.
5. How has been the profit margin in Tier-I vs. Tier-II cities?
We are seeing that Tier II cities are growing as fast as Tier I cities.