Marking its third investment in Asia, Google capital invested in leading Indian online real estate portal CommonFloor.com. Google Capital has now joined with Accel Partners and Tiger Global in the investor list of CommonFloor.com.
David Lawee, Partner at Google Capital said, “CommonFloor.com makes it easy for people in India to research, buy, sell and rent real estate. 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.”
Having listed more than 1 Lakh residential project across 200 cities, CommonFloor.com is the pioneer in the online real estate world with most number of projects in its pocket. The Total number of homes mapped is a massive figure of 10 million and still counting till it maps every property in the country. The company was launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani and today it has mounted upto a team strength of 1000+ employee and always looks for the best talent to add to their community.
Sumit Jain, Co- founder and CEO at CommonFloor.com said, “This investment shows that Google Capital believes in CommonFloor and our 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 real estate sector in India is already on a peak since the Indian Government allocated a budget of INR 4,000 crore for affordable housing to achieve a goal of providing Housing for All by 2022. The plan is supported by the incentive scheme financed by RBI, resulting in lowered interest rates on home loans and relaxed FDI norms too.