Online property rental startup NestAway lands 50 M
Founders: Amarendra Sahu, Deepak Dhar, Smruti Parida, and Jitendra Jagadev
Founded in: 2015
Financing status: USD 50 million for undisclosed round in 2017
Bangalore-based online property rental startup NestAway has raised USD 50 million in a fresh round of funding from Ratan Tata’s UC-RNT Fund, the joint investment fund between Tata Sons Ltd chairman emeritus Ratan Tata and the University of California. Existing investors IDG Ventures and Tiger Global also participated in the round.
NestAway was founded in 2015 by Amarendra Sahu, Deepak Dhar, Smruti Parida, and Jitendra Jagadev, all alumni of National Institute of Technology Karnataka. Sahu, holding an MBA from the Indian Institute of Management Bangalore, previously co-founded digital media technology company BrizzTV along with Jagadev. Dhar previously worked as the head of operation at mobile and digital payments company Citrus Pay. Parida previously co-founded Zero Heights Technologies. Prior to that, he was a program manager at Microsoft.
NestAway is an app-based property rental marketplace. The platform provides fully furnished rooms, houses, flats, and apartments in major Indian cities. Rental prices start from INR 5000 (USD 77.6) per month. Users need only pay two months’ rent as a deposit. The deposit and monthly room rent are payable through the app. The NestAway app can also store rental documents like rental agreements as well as rent receipts. Before booking a room, it also allows users to pre-meet their roommates via the app. NestAway currently offers rental apartments in eight Indian cities, such as Mumbai, Delhi, Bangalore, Pune, Hyderabad, Noida, Gurgaon, and Ghaziabad.The startup claims to have over 14,100 houses with 38,400 customers on the platform.
Reportedly, the startup will use the newly raised capital to create new technology to facilitate the business in new markets, such as developing systems to predict rentals and data analytics. Nestaway also seeks to invest in smart homes.
(Top photo from 699pic.com)