Success Story Of Common Floor’s Co-Founder Sumit Jain Is What We Should Read Now

Get Daily Updates In Email

Success Story Of Common Floor’s Co-Founder Sumit Jain Is What We Should Read Now

Everyone wants the very good property where they can invest and make their dream home, but usually, it is not that easy. Back in 2007, among that property searcher, Sumit Jain was the one who couldn’t find the right property. And, from where the journey started.

CommonFloor, the real estate company which is founded by the trio Sumit Jain, Lalit Mangal and Vikas Malpani. Right now, becomes one of the largest online real estate portals in India.

However, they three have gone through many ups and downs that Sumit Jain, the co-founder of the company has shared in a recent interview with the leading portal.

Image Source

In an interview with Yourstory, Sumit revealed the different aspect of his success journey, here you go:

When he asked to tell from where he started, he said, “The initial thought was to develop a platform that could bring together people who live in gated communities and had come up with in November 2007. It was a challenge initially to get communities on board and we had to come up with several iterations to get the product right. We also had to keep the product flexible enough to accommodate different priorities of different communities while still ensuring a good user experience for all. The real confidence came when the communities that adopted us in the beginning started to see real value in our product, appreciated our efforts and even partnered with us in improving it. That is when we started believing that will work.”

Image Source

He revealed how CommonFloor has evolved by saying, “Our vision was always to satisfy all requirements of a person around his home. In the initial years, we noticed a lot of owners using our platform to post listings of their apartments. We realized that if we open this information to people outside their gated communities, it will add much more value to these owners. Soon we started to be known as the best place for genuine listings and started seeing a lot of traction from those looking for a house to buy/sell or rent. We then started making deliberate efforts to build our capabilities in real estate and today we are the third largest real estate portal in the country in terms of unique visitors as per comScore.”

There is no doubt that the company has crossed the very big milestone and revealing his terms of traction Sumit added, “We are the fastest growing real estate portal in the country growing by more than 100% year on year as per comScore. In Bangalore, we are the number one property portal as per Alexa traffic rank. Today, we have more than 1000 paying customers that include builders, agents and vendors. Our revenue has been growing by more than 100% every quarter and we aim to achieve a turnover of $25 million in the next two years.” “We have more than 60,000 projects listed on our portal and this is the largest compared to any property portal in India. The number of property listings has grown by more than 500% in the past financial year and we currently have more than one lakh live active listings.” he added.

Image Source

Over the year the team has build up and now he has, “We are more than 400 people now and are looking to hire more. I think what has worked for us has been the mindset change amongst talented Indians when it comes to making a career decision. Not everyone today is satisfied with a 9 to 5 job at an MNC. Young Indians today want to make a difference at what they do. They are willing to take risks and join young and innovative Indian companies. They understand that they can grow faster and make a big difference when they join a company that is on a growth track. The fact that we have scaled fast and people have grown with us has also helped, particularly with referrals.”

Very important to note down what keeps the co-founder going as an entrepreneur, “We are really passionate about how we can use technology to solve people’s requirements around their homes. Home is where we spend most of our time and 70% of our daily use expenditure is made in the radius of 2 km of our home. Yet, we pay no attention to improving the quality of living around our homes. I think the team at has a great opportunity to change the way communities live. To be able to drive that change and have that kind of positive impact on society is a huge motivating factor.”

Published by Kajal Thakur on 27 Apr 2018

You Might Also Like