Home rental startup NestAway Technologies is in initial talks to raise $100 million in its next round of funding
Bengaluru, 19th Nov, 2018. RedNewswire/-
The investment round may go up to $150 million, given that there’s strong investor demand, one of the people said, requesting anonymity.
This is after Softbank-backed Oyo announced the launch of its rental vertical Oyo Living a few months ago.
Oyo had kicked-off operations with two properties in Sector 57 and Sector 28 GCR, Gurugram. Oyo Living claimed to provide fully managed shared residential units for young professionals and students.
Raising funds at this stage is more about having dominance in the co-living and property management space, said the second person, also requesting anonymity. “There was also a lot of inbound interest from investors.”
NestAway is one of the largest residential property managers in India, with more than 50,000 tenants and 25,000 homes. Founded by Amarendra Sahu, Deepak Dhar, Jitendra Jagadev and Smruti Parida in 2015, it is present across eight cities, including Bengaluru, New Delhi and Noida.
Nestaway, through its app, helps users find, book & move-in to a rental home of choice across Indian cities. NestAway manages the end-to-end requirements of a rental property throughout its rental life cycle.The firm charges 10-12 per cent of monthly rent it generates from the house as commission.
It has raised $94.2 million from investors such as Tiger Global, IDG Ventures and Yuri Milner. NestAway acquired Zenify in May 2017 to foray into the family rental solution business. It claims that about half of the new bookings come from the family segment. It also claims to be clocking over $7 million a month in rentals.
In February, the company raised $51 million in a series D round from a clutch of investors, including investment bank Goldman Sachs Group and UC-RNT Fund, a joint venture between Ratan Tata’s RNT Associates and the University of California.