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Roommate finder app Flatchat secures $2.5 mn from CommonFloor.com

Flatchat, an app which promises to
make the tedious process of finding the right roommate easier, recently
raised $2.5 million in seed funding from
CommonFloor, one of India’s leading real-estate listing
sites.

Flatchat, an app which promises to
make the tedious process of finding the right roommate easier, recently
raised $2.5 million in seed funding from
CommonFloor, one of India’s leading real-estate listing
sites.

Flatchat, which currently has about 40 employees, will use the funds to
hire more people for its product and engineering teams, as well as expand into
cities where there are high concentrations of students, single professionals,
and other people who need roommates, reports TechCrunch.

The platform is available on mobile only and claims to have racked up
50,000 users since launching six months ago. About 350,000 messages were
exchanged through its Android and iOS apps in May.

Gaurav Munjal, who founded Flatchat along with Hemesh Singh, said in the
report that the startup wants to save renters from combing through dozens of
listings on multiple sites and paying broker fees. Users can sign up for the
app with their Facebook account, create a simple profile, and then filter
potential roommates by area and price range. All communications are through
Flatchat’s built-in messaging feature.

“You don’t need to call anyone, you interact with them through messages.
Nobody was targeting this market before,” Munjal was quoted in the report as
saying. “We have become the fastest way to find a place or roommate.”

According to the report, for Google Capital-backed CommonFloor, Flatchat
represents a tactical investment because it covers a demographic that the site
doesn’t serve, since it focuses on people who want to purchase property.
CommonFloor competes with SoftBank-backed Housing.com and 99acres.com.

By working with Flatchat, CommonFloor has a stake in a new market and
can also potentially retain renters as users once they are ready to buy their
own homes, reports TechCrunch. In turn, Flatchat gets access to CommonFloor’s
data, which helps them pinpoint what cities to target next.

 

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