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Hedge fund Tiger Global pours $30m into Indian property portal

Thursday, September 25, 2014

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&......................

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