Who says that it takes an MBA to be a successful businessman or an entrepreneur? Mr Sumit Jain, a serial entrepreneur who has been in the industry since 2006 is an example of dedication, hard work, optimum utilization of opportunity and entrepreneurial spirit. Let’s find out more about him.
|Date of birth||13 June 1984|
|Schooling||M. G. Public School (12th & 10th with PCM)
1997 – 2001
|Graduation||Indian Institute of Technology, Roorkee
B.Tech, Computer Science & Engineering
2002 – 2006
|Father||Shopkeeper in Khatauli, Uttar Pradesh|
|Residence Contact Details|
|Office Contact Details|
|Office Address||Commonfloor.Com, Bengaluru
maxHeap Technologies Pvt. Ltd., 7th Floor, Tower B, Diamond District, No. 150, Old Airport Road, Kodihalli, Bengaluru 560008, Karnataka
|Office Phone Number||1800180180180 (Helpline)
|Official Email IDfirstname.lastname@example.org|
|Founded||Co-Founder & CEO
Co-Founder & CEO
Co-Founder & CEO
|Also worked in||Member Technical Staff
In 2007, Sumit started Commonfloor with two other partners – Lalit Mangal and Vikas Malpani. This was his first company as a founder and he made it successful, eventually carrying out the operations until 2016 when he sold it to Quikr and again invested himself in OpenTalk just an year later partnering with Ashwini Jain. His entrepreneurial capabilities are beyond compare.
When he was working in the IT sector, he realized that finding an apartment for people who relocate to a new place can be really problematic. The everyday problems faced by him and his friends, when they had to join their company in Bangalore pertaining to the apartment they were living in and finding a new one pushed them into something great. They tried regular measures initially, like asking for help from people around, but nothing came handy. Then, with the savings they had, they decided to build a platform where people could connect to a number of people who wanted to rent an apartment and people who wanted to offer their place on rent. The investment available was as low as INR 1 lac from each of them. The model was to ease out the interactions between the two parties, list the available space with all the amenities available, along with the locality, the price and other such details.
In 2019, it’s really difficult to imagine finding an apartment or PG without a mobile application, just put yourself twelve years back when there was no such app. Sumit Jain’s idea was brilliant and was solving a massive problem from those who live away from their families in distant places. The only problem was scarcity of finance. The team dedicated themselves and minimized their expenses to build a system for people facing similar problems.
To get funds, they changed their marketing strategy. They would print notices about vacant rooms and apartments at CCD billboard. They started using PHP instead of JAVA. To earn some extra money, they also made Facebook applications for companies and gave speeches at conferences. In about six months, they could build a client base of 700 societies, that too with no commercial marketing practise.
Luck was also driving them to a direction and they got associated with The Morpheus, a start-up accelerator. The four months in this program gave them an insight into what needed to be changed in their model. This was when they made this close group open to the public. Thereafter, they received investment from Accel Partners in 2009 that was utilized to rent office space and carry out the operations.
The company grew from three to thirty members, the number of associated communities being over fifty thousand, and 25 lac rooms/apartments for rent. The best part was, the company was profitable and making revenue of two crores. This was when another round of investment was brought in, from Tiger Global Management, New York and was induced in developing a Map based system/feature integrated with Google Maps in order to show the location of property being searched. The freshness of their idea and the endeavours made CommonFloors list as one of the top 20 innovations in India in 2012. This recognition was awarded by MIT Technology Review, India.
The most awe-inspiring feature added to their application was – you could see online the available spaces within a range of 2.5 km just by pointing your phone to that direction. The revenue increased manifold reaching the figure of ten crores. More than sixty thousand societies, fifty lac houses and four hundred members were by now associated with the company.
In 2013, another round of funding was received. USD 7.5 million this time. The company’s revenue soared to a height of $25 million a year. The portal was growing at a rate of 106% and soon became the third best real estate portal in the country. Just a year later they launched “Apartment Management Software” with an integrated payment gateway offering the people freedom to connect, chat and discuss. Notices from RWA, details of vendors and other features were complimentary.
This was the time CommonFloor started acquisition after being in the industry for seven years. USD 10.4 Million from existing investors were used to acquire flat. By now CommonFloor spanned the whole nation and this was the time to think beyond the horizon. The company came to be known as India’s real estate giant and was listed among 33 startups by Tech in Asia. In 2016, it was among top 9 startups in India when Quikr gave a proposal for merger and acquisition, which was accepted by Sumit. He continued to work with Quikr for an year and later moved on for another journey leading to another successful startup.
Sumit has received a number of awards and recognitions including –
|a) Fortune 40 Under 40|
|b) Dataquest’s list of the 25 Hot Indian Web 2.0 start-ups|
|c) Business World Hottest Young Entrepreneurs|
|d) Power Profiles in India 2015|
|e) Younger Achiever of the Year 2015, conferred by National Awards for Excellence (Real Estate & Infrastructure)|