Sumit Jain: The Entrepreneur Behind CommonFloor
Sumit Jain: Family and Educational Background
Sumit Jain, co-founder and former CEO of CommonFloor, hails from Khatauli, a small town in Uttar Pradesh. Growing up, he spent a significant amount of time in his father's construction materials shop, gaining early exposure to the building and real estate sector. His hands-on experience in managing the store at a young age played a role in shaping his entrepreneurial mindset.
For his education, Sumit pursued Computer Engineering from the prestigious Indian Institute of Technology (IIT) Roorkee, graduating in 2006. Shortly after, he joined Oracle as a software engineer but soon realized his passion for entrepreneurship, leading him to co-found CommonFloor in 2007. His academic journey and early exposure to business laid the foundation for his successful venture into the real estate tech space.
Finding multibagger stocks is important for building wealth. Discover potential multi-baggers at Sovrenn Discovery.
Sumit Jain's Professional Journey Before CommonFloor
Before founding CommonFloor, Sumit Jain had an enriching professional journey, marked by his stint as a software engineer at Oracle. After graduating from IIT Roorkee in 2006 with a degree in Computer Science, Sumit joined Oracle in Bangalore, where he worked in the Server Technologies division. During his time there, he gained a deep understanding of technology and the corporate world, but he soon realized that his ambitions lay beyond a 9-to-5 job.
He felt a strong pull towards entrepreneurship, inspired by his desire to create something of his own that could have a large-scale impact. Despite being in a secure job, Sumit’s passion for building things from scratch and his knack for problem-solving pushed him to take the leap. His experience at Oracle helped him develop the technical expertise needed to co-found CommonFloor, a real estate platform that would later revolutionize the property market in India.
Jain was always interested in identifying market gaps, and his time at Oracle gave him the confidence and skills to venture into this uncharted territory, starting his entrepreneurial journey in 2007. Driven by his experience, Sumit soon transitioned from the corporate world to launching CommonFloor, along with his co-founders Lalit Mangal and Vikas Malpani, determined to transform the real estate landscape through technology.
Investing has built huge wealth for several HNI investors. Learn investing FREE OF CHARGE at Sovrenn Education
Sumit Jain's Journey in Starting CommonFloor
Sumit Jain's entrepreneurial journey began with the creation of CommonFloor in 2007. At the time, the Indian real estate market was highly fragmented, with a lack of digital tools to streamline property transactions. Sumit, driven by his passion for solving real-world problems, identified this gap and saw an opportunity to leverage technology to bridge the divide between property buyers, sellers, and residents.
The idea for CommonFloor emerged out of a practical need. When Sumit and his co-founders were searching for apartments in Bangalore, they realized how inefficient and tedious the process was. This prompted them to create a platform that could simplify the real estate experience. What started as a simple community management tool for apartment residents soon evolved into a comprehensive real estate platform.
Sumit and his team focused on creating a user-friendly experience, integrating tools like virtual property tours, apartment listings, and community management features. Their goal was to make CommonFloor a one-stop destination for everything related to real estate—from buying and selling properties to managing apartment societies.
One of the turning points for the company came when Tiger Global, a major venture capital firm, decided to invest in CommonFloor, providing the startup with the necessary resources to scale and expand its offerings across India. Under Sumit's leadership, CommonFloor rapidly grew into one of the largest real estate platforms in the country, serving millions of users and becoming a trusted brand in the property space.
Also Read: Nitish Rajput's Journey: From Shy Student to Influential YouTuber earning crores
Sumit’s journey in starting CommonFloor was characterized by a keen understanding of market needs and a desire to harness technology to solve problems. The company became a key player in India’s real estate industry, and in 2016, it was acquired by Quikr, marking a significant milestone in Sumit's entrepreneurial journey.
Sumit Jain's Life After CommonFloor: From Real Estate to EdTech Leadership
After co-founding and leading CommonFloor, one of India's largest real estate platforms, Sumit Jain embarked on a new chapter in his entrepreneurial journey. In 2016, CommonFloor was acquired by Quikr for approximately $200 million, marking a significant milestone in Jain’s career. However, rather than staying in real estate, Jain soon ventured into the world of edtech.
In 2020, Sumit Jain joined Unacademy, where he played a pivotal role in shaping Graphy, a subsidiary of Unacademy that focuses on empowering creators and educators to launch their own online courses. Over the years, Jain's leadership and vision have transformed Graphy into a thriving platform. His contributions were recognized in 2023, when Unacademy elevated him to the position of Partner, a role equivalent to a later-stage co-founder. His involvement in Graphy helped over 100,000 educators build and monetize their content, solidifying his influence in the edtech space.
Beyond his work at Unacademy, Sumit Jain has also been active as an angel investor, contributing to the growth of various startups across different industries.
Also Read: Kunal Bahl: A Visionary Entrepreneur and Shark Tank Judge