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Business News/ Companies / Flatchat raises $2.5 million from Commonfloor
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Flatchat raises $2.5 million from Commonfloor

Flatchat is looking to use the funds to grow product and engineering teams, and scale up operations to many cities

Flatchat was launched in 2014 by Gaurav Munjal and Hemesh Singh. Premium
Flatchat was launched in 2014 by Gaurav Munjal and Hemesh Singh.

Mumbai: Bengaluru-based property classifieds company maxHeap Technologies Pvt. Ltd that operates the property portal Commonfloor.com has invested $2.5 million in the makers of Flatchat.

Flat Dot To Technologies Pvt. Ltd that owns and operates Flatchat, earlier operated a portal called Flat.to, that was acquired by Commonfloor in 2014 for an undisclosed amount.

Flatchat, launched in 2014 by Gaurav Munjal and Hemesh Singh, is looking to use the funds to grow product and engineering teams, and scale up operations to cities with larger populations of youth and unmarried people.

Start-ups in the chat services space have been getting a lot of investor attention in the last six months, with Akosha and Goodservice raising $21.5 million and $1.6 million respectively.

Biz Stone, co-founder Twitter Inc., made a personal investment in Lookup. Other start-ups in the space include The Hike that raised $65 million in 2014 and Plustxt that raised funds from Mumbai Angels in 2013.

“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," said Munjal.

Flatchat enables easy and quick chatting connectivity between a seeker, a prospective owner, a tenant to potential flatmates and other seekers. The company says it has over 50,000 users, and that over 350,000 messages have been exchanged on the platform last month.

The real estate market is estimated to touch $180 billion by 2020 and is expected to grow at a compounded annual growth rate of 11.2% during 2008-20, according to a report by Corporate Catalyst. The report also states that the housing sector contributes 5-6% to the total GDP and the sector.

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Published: 30 Jun 2015, 06:14 PM IST
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