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Flatchat Raises $2.5 Million From Commonfloor

Flatchat Raises $2.5 Million From Commonfloor

By Indo-Asian News Service | Updated: 22 July 2015 20:24 IST

Flatchat, a mobile-only app for students and bachelors to find accommodation and flatmates, has raised $2.5 million (roughly Rs. 15.91 crores ) from CommonFloor.com.

Founded six months ago by Gaurav Munjal and Hemesh Singh, Flatchat enables easy and quick chatting connectivity between a seeker, a prospective owner, and potential flatmates.

With the raised capital, Flatchat aims to make its product team stronger by hiring the best products and engineering talent.

The fund will also be used to scale up operations and establish foothold across the country, especially in cities which have a higher population of students and bachelors, Flatchat said.

"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 user interface but a behaviour change in the way owners and seekers communicate, real-time," said Flatchat CEO Gaurav Munjal.

"And that's how Flatchat came into existence and within six months has seen remarkable growth. Thanks to CommonFloor for believing in us since the inception and for this impetus which will help us take Flatchat to the next level," he added.

Flatchat has crossed 50,000-plus users across both Android and iOS platforms, with "80 percent of the traffic coming from Android".

More than 350,000 messages were exchanged on the platform last month and the product has seen a growth of 100 percent month-on-month, the company said.

"This segment has a good growth potential and Flatchat's unique and technology centric operating model is a differentiating factor which seamlessly connects seekers and owners on a real time basis on a chat based platform," said CommonFloor.com co-founder and CEO Sumit Jain.

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