Property portal CommonFloor today said it has acquired Flat.To for an undisclosed sum to cater to a new segment of the property market - students and bachelors.
Flat.To is an online real estate services provider that helps students and bachelors find flats, paying guest accommodations and hostels across Mumbai, Pune, Bangalore, Kota, Jaipur and Delhi.
"With this move, CommonFloor.Com is set to enter the student and bachelor accommodation space, which is fast gaining traction across major metros in the country," CommonFloor.Com Co-founder and CEO Sumit Jain said in a statement.
He said this new segment was significantly large in the online real estate space with a unique set of needs and requires a different focus.
"This acquisition gives us a direct foothold in the market backed by a great team that has an experience of operating in this space," he added.
Flat.To currently has tie-ups with over 200 colleges across Mumbai and Pune and offers a choice of selecting an accommodation either through brokers or directly by connecting with owners. It also provides assistance in finding a flat mate, in case one has already identified suitable accommodation, the release said.
Even after the acquisition, Flat.To, founded by Gaurav Munjal and Aakrit Vaish, will continue to function independently with its current identity.
