CommonFloor, a real estate search engine and listings site in India, has raised $7.5 million in funding from existing investors, Tiger Global Management and Accel India.
CommonFloor is similar to Zillow and Trulia, but is a marketplace for real estate listings in India, particularly for apartments and gated communities. Similar to other listings sites, the startup includes apartment and home features, amenities, master plan, location map, builder profiles, property pictures, neighborhood profiles, and reviews.
The site says that property listings have grown by 500 percent in the past year, with revenue growing 100 percent each quarter. The company also offers apartment management software and accounting software for residential communities and has more than 1000 paying customers that include builders, agents and vendors. And CommonFloor manages small neighborhood-focused social networks (i.e. NextDoor).
The startup says that the new funds will be used to expand into new markets, for sales and marketing and for product development.
As broadband penetration and smartphone adoption continues to rise in India, we’re going to see successful replicas of companies like
Amazon, and Zillow in the country.
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