Nowadays, finding a property is a headache. People find it challenging to find the best-suited property for them in the city. CommonFloor is an Indian company that helps you out with all such issues. It is a portal to find the best real estate around you. The new generation prefers renting housing over spending lakhs of money in buying a house. Renting a home is always a better alternative than purchasing a house until you find your dream house. CommonFloor makes your job easier by doing this tedious task for you. Let's get to read the success story of this great startup in this article.
CommonFloor – Key Highlights
- Company Name – CommonFloor
- Industry – Real Estate
- Business Type – Private
- Founded – 2007
- Headquarters – Bangalore, Karnataka, India
- Founders – Sumit Jain, Lalit Mangal, Vikas Malpani
- CEO – Sumit Jain
- Parent Company – Quikr
- Products – Residential, CF Retina (Virtual Reality), Live-in Tours, CF Groups
- Area Served – India
- URL – www.commonfloor.com
CommonFloor Startup – Promising Property Finder
CommonFloor got founded in 2007 by Sumit Jain, Lait Mangal, and Vikas Malpani. All of them are alumni of IIT Roorkee and graduates in computer science. It got acquired by Quikr in 2016.
The company started as an apartment management website and went on to become a property platform. It combines various things like property searches, vendor management, apartment management, etc.
CommonFloor Founder & CEO – Sumit Jain
Sumit Jain is the Co-founder and CEO of the company. He is a software engineer by education and an entrepreneur and businessman through the profession. Before founding CommonFloor, he worked with Oracle. He is responsible for delivering the company's goals and driving the strategic direction.
CommonFloor – Investors and Funding
CommonFloor raised investments from four rounds of funding from three different investors. Some of them are as follows:
- $30 million – Tiger Global, 2015
- $10 million – Google Capital, 2015
CommonFloor – Brand Name, Logo, Tagline
- Brand Name – The Company’s brand name is what they do. It resonates with the founder's idea and the business.
- Logo – CommonFloor's logo is in the shape of a key in bright yellow color. It is catchy and straightforward.
- Tagline – The Company’s slogan is, 'For Every Apartment'.
CommonFloor – USP
CommonFloor has several unique features that it provides to its customers. Some of the Unique Selling Features of CommonFloor are as follows:
- The company links the neighbors of the apartment with the CommonFloor Management System. So it helps them get connected to the community of their apartment.
- In India, they provide apartment communities for better communication, coordination amongst neighbors and owners, proper management, Resident Welfare Association, etc.
Fun Fact : CommonFloor got ranked as the top nine Indian startups by Startup Ranking in April 2016.
CommonFloor Startup – Growth & Financial Facts
- CommonFloor provides property searches in over 120 cities across the country (India).
- CommonFloor is listed on more than 33 startups by Tech in Asia.
- They launched their app in 2013 to provide facilities like listing properties and searching properties for its customers.
CommonFloor – Competitors
Some of the competitors of CommonFloor are as follows:
CommonFloor Startup – Top Acquisitions
Some of the acquisitions of CommonFloor are as follows:
- Flatchat – Invested $2.5 million in a seed funding round, 2015 (App to find roommates)
- Bakfy – Acquired, 2015 (App for college campuses)
- Flat. to – Acquired, 2014 (App for bachelors to find a home)
CommonFloor – Challenges
Some of the challenges faced by the company are as follows:
- Competitors – CommonFloor has many competitors in the market, and most of them are performing well. They have a good customer base, and it is one of the significant challenges for the company to overshadow its competitors.
- Pandemic – The current pandemic situation in the country has hampered many companies. CommonFloor is a real estate company, and it also had to face losses due to it. Many people went to their home town as all of them had work from home. It affected the businesses, and their revenue went down.
CommonFloor Startup – Future Plans
Some of the upcoming plans of the company are as follows:
- They are planning to increase their revenue by the end of this financial year.
- CommonFloor is also expecting a few more investments in the coming year.
- They will use these investments in the betterment of their website for the convenience of the users.