India’s CommonFloor gets into new property area with acquisition of student accommodation startup

CommonFloor acquires FlatIO startup

Indian property listings site CommonFloor got $10 million in fresh funds at the start of this year. Some of that cash has just been put to good use to acquire the student accommodation marketplace Flat.io.

The deal – for an unknown sum – sees CommonFloor venture into a new real estate area, covering rental flats and hostel rooms aimed at students and bachelors. It’s a growing sector as more Indians venture away from their hometowns to attend college or seek a first job. CommonFloor cites a UN-HABITAT survey that estimates 3.7 million Indians migrate within the country on account of education, while more than 10 million do so in search of a job.

Startup just 10 months old

Flat.io covers rentals in Mumbai, Pune, Bangalore, Kota, Jaipur, and Delhi. The site – which started up just 10 months ago – will continue to operate independently. Today’s announcement says the site is now getting 25,000 visits a month.

CommonFloor, which focuses on brand-new property developments, has over 250,000 million property listings right now in about 120 Indian cities. 

CommonFloor

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s