Komfie Manalo, Opalesque Asia: U.S.-based hedge fund Tiger Global committed $30m into Indian property
listings portal CommonFloor.com, reported the India Times.
With Tiger Global's investment, CommonFloor now has some $50m in its
coffers. In January this year, hedge fund investors Tiger Global and
Accel Partners contributed $10m into the Bangalore-based portal.
CommonFloor.com. co-founder and CEO Sumit Jain commented, "We will
deploy funds in product development and enhancing technology. The
company will continue to scale up its marketing and operations across 18
cities where it's currently present and expand to 22 new cities by early
next year. We will increase our headcount from 900 employees to 1,500
employees."
Tiger Global Management partner Lee Fixel expressed confidence in
India's online real estate sector that has shown significant growth the
past couple of months.
Background
Last week, Tiger Global also invested $60m into Indian online classifieds portal
Quikr to boost product development and expand its mobile business.
Indian online businesses, especially e-retailers, have been a favorite
for global investors who are betting on the segment&...................... To view our full article Click here
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