CommonFloor, an Indian online real estate platform, has reportedly received an undisclosed amount of new funding from Google Capital which marks the tech firm's third investment in Asia since it launched in February.
Google Capital, which focuses on startups in the mid-to-late stages of growth, has invested in 10 companies since its inception. Its interest in Asia is an encouraging sign for start-ups in the region where venture funding for post-seed stage tech companies is often difficult to come by, reported Tech Crunch.
Though Asian companies face lack of VC-backing and opportunities for exits, it's not astonishing to see firms like Google Capital turning their head towards the region as Asia is set to emerge as the world's largest e-commerce market with plenty of room for growth, especially in India and Southeast Asia, the report said.
Before Google Capital invested in CommonFloor, a company founded in 2007, it had already raised 47.9 million dollars from Tiger Global and Accel Partners.
Founder Sumit Jain said that having Google Capital onboard will give CommonFloor the chance to benefit from the tech giant's technical and operational expertise as it continues to scale up its business.
CommonFloor currently has 200,000 properties posted directly from real estate owners in India, but it seeks to be more than just a listings site.