Commonfloor funds Flatchat, a mobile based platform connects flat owners with flatmates. Flatchat is a broker free platform founded six months back by Hemesh Singh and Gaurav Munjal. The app enables chatting connectivity between a seeker, a prospective owner, a tenant to potential flatmates and other seekers.
Flatchat has crossed 50,000+ users across Android and iOS environments. Flatchat got 80% of traffic coming from Android environment. 350,000+ messages were exchanged on the platform and the product has seen 100% month on month.
Flatchat offers accommodation services in the cities of Bengaluru, Mumbai, Pune, Chennai, Hyderabad and Delhi NCR Region. The target audience for Flatchat is students and bachelors to find accommodation and flatmates. The company has developed the platform in such a way where users can login into their app with their Facebook account, can create a simple profile and filter their preferences by area and price range. The built-in messaging feature will be used for communications purposes. Flatmate main aim is to save accommodation seekers from going through dozen of listings on several sites and paying brokerage to real estate agents.
Gaurav Munjal, Chief Executive Officer, Flatchat says “The rentals problem especially for bachelors and students is a tricky one, and we always believed that the best way to solve the problem is not with having more listings or a better UI but a behaviour change in the way owners and seekers communicate, real-time. And that’s how Flatchat came into existence and within six months has seen a remarkable growth, thanks to CommonFloor for believing in us since the inception and for this impetus which will help us take Flatchat to the next level.”
Sumit Jain, Co Founder and Chief Executive Officer of Commonfloor said “We are excited to support Flatchat team in their endeavour to simplify the students & bachelors’ accommodation concerns in the country. This segment has a good growth potential and Flatchat’s unique and technology centric operating model is a differentiating factor which seamlessly connects seekers and owners on a real time basis on a chat based platform.”
Commonfloor.com has invested $2.5 million in Flatchat and the funding will be used for stronger product and engineering talent. Flatchat plans to scale up operations and expands across the country especially in the places where bachelor and student population are very high. Flatchat has 40 employees under their roles.
Commonfloor has been funded by leading PE investors Tiger Global Management, Google Capital and Accel Partners. This is tactical move for Commonfloor, because Flatmate covers demographic whereas Commonfloor does not serve it, it focuses purchase and sale of property. For Flatmate it makes sense to use Commonfloor’s huge data and can pinpoint its expansion in next cities.
Commonfloor aims to be India’s largest online real estate major is facing stiff competition from Housing.com, 99acres.com and Magicbricks. All these companies have funded by leading PE investors.