Com­mon­Floor pur­chases Flat.to a web­site stu­dents and bach­e­lors seek­ing for ac­com­mo­da­tion

Accommodation Times - - .. Nation.. -

Com­mon­Floor a real es­tate por­tal has owned the Flat.to a web­site for spe­cially for stu­dents and bach­e­lors seek­ing for ac­com­mo­da­tion, the agree­ment was fi­nal­ized last week as per cash and stock com­po­nents. “We want to solve all prob­lems re­lated to property and we had a gap in the stu­dents and bach­e­lor seg­ment,” said Su­mit Jain, co­founder of Com­mon­Floor, who de­clined to share the fi­nan­cial de­tails of the trans­ac­tion.

Jain, 29, who set up his com­pany seven years ago, raised eq­uity fund­ing of about Rs 64 crore in Jan­uary. Com­mon­floor aims to earn rev­enue of Rs 150 crore in fis­cal 2016.

Al­though Com­mon­Floor has taken a con­trol­ling stake in Flat.to, the year-old com­pany will con­tinue to op­er­ate as an in­de­pen­dent site. Flat.to, which has a 15-mem­ber team, will use Com­mon­Floor’s fi­nance, hu­man re­sources and other sim­i­lar back end func­tions.

Flat. to was founded by Gau­rav Mun­jal, 23, who was pre­vi­ously a soft­ware de­vel­oper at Directi, an in­ter­net do­main name reg­is­trar com­pany. “I de­cided to fo­cus on this seg­ment as I had faced prob­lems find­ing ac­com­mo­da­tion when I had moved from Jaipur to Mum­bai as a stu­dent,” said Mun­jal. Com­mon­Floor’s Jain was an early men­tor of Mun­jal and the two en­trepreneurs soon re­alised that to­gether they could grow much faster. Mun­jal, who was based in Mum­bai, has now shifted to Ban­ga­lore where Com­mon­Floor is head­quar­tered. He found his pay­ing guest ac­com­mo­da­tion in Ban­ga­lore through a Flat.to list­ing.

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