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Tiger Global, Accel Partners make Series B investment in Commonfloor.com

22 Oct 2012

New York-based venture firm Tiger Global Management has joined a Series B financing round for Indian real estate management website Commonfloor.com.

Existing investor Accel Partners also took part in the financing, which Commonfloor said would be used to expand into new cities, upgrade its technology and hire new staff.

Accel previously invested in the Bangalore-based company in 2009.

Commonfloor co-founder and CEO Sumit Jain said, “The second round of funding is a vote of confidence in our services and growth.

“We are looking to expand operations and better our services in line with our core focus of providing the best online solutions for our customers’ real-estate needs.

“In the last couple of years we have witnessed a significant uptake of our services across metros and Tier 1 cities, where consumers are increasingly shifting to the Internet to gather information about real estate.

“The market is growing rapidly and with our growing user base we are ideally positioned to leverage this momentum.

“The investments from Accel India and Tiger Global underline the potential of online solutions for real estate needs and the growth expected in this sector”.

Earlier this month Accel sold its stake in recruitment company Toostep Consultancy following a four-year holding period.

The company became part of Indian classified advertising business Info Edge following the deal.

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