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