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Google Capital invests in property website Commonfloor.com
MUMBAI: Indian real estate portal Commonfloor.com has raised funds from Google’s growth equity fund Google Capital.
Following this investment, partner at Google Capital David Lawee will join the board of Commonfloor.com.
In a statement, Lawee said, ““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.”
The Bengaluru based company, backed by Tiger Global and Accel Partners, raised close to $10-12 million in in this round.
Commonfloor.com CEO Sumit Jain said, “This investment shows that Google Capital believes in CommonFloor and its vision to transform the real estate market in India. We look forward to drawing on the technical and operational expertise of Google Capital’s partners and advisers as we continue to scale our business.”
The funds raised by Google Capital will be used for investments in product, technology and marketing.
This is Google Capital’s third investment in Asia and second in a company that runs significant operations from India. The fund had earlier invested in FreshDesk that enables companies to provide multichannel support through phone, email, chat, website, social networks and mobile applications.
Google Capital’s other investments include SurveyMonkey, auction.com, LendingClub, MapR and CreditKarma.
Founded in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani, Commonfloor has so far raised around $50 million in three funding rounds from Tiger Global Management and Accel Partners. In September 2014, the company had raised $30 million from Tiger Global Management.
It has over 100,000 residential projects listed on its platform from over 200 cities and currently has a team of over 1,000 employees.