Common Floor, an online real estate program released a statement on Thursday mentioning that they have received an undisclosed amount of funding from Google Capital.
This is the Google Capital’s third investment in Asia since it launched in February 2014. The form focuses on startups in the more mature stages of growth and has since invested in 10 companies so far.
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.”
There is plenty of potential left unharnessed, especially in India and Southeast Asia- recognizing this, firms like Google Capital have started turning their heads to Asia as it now witnesses a flurry of funding activity. Asia is set to become the world’s largest e-commerce market as it is gradually being backed by tech giants like Google Capital, SoftBank and Rakuten, along with VC firms such as the Incubate Fund.
“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,” said David Lawee, Partner at Google Capital.
India’s real estate market has not been in the best shape due to extra supply and low sales but the government has taken strategic measures to boost the economy by an ambitious new program that aims to make housing affordable for all people by 2022. The strategic game plan basically involves lowering interest rates on home loans and investing $2 trillion in real estate over the next eight years.
Thus, fueled by the Government’s ‘Housing for All’ by 200 program, there could not have been a better time for investment in the online real estate sector. CommonFloor.com currently has more than 10,000 projects residential properties listed on their platform over 200 cities but it is looking to be more than just a listings site. Common Floor’s data tools are there to help people find the best neighborhoods to invest in, the rental properties can also be managed on the website after closing the deal.
CommonFloor seeks to grow by making acquisitions as well. It announced the purchase of Bakfy yesterday and although it’s an anonymous social networking site, the company is really interested in its local and social search capabilities.
This article was syndicated from Business 2 Community: Google Capital Invests In India’s largest Online Real Estate Platform, CommonFloor
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