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NestAway raises $12M from Tiger Global & Flipkart: Report

nestaway

Nestaway, a Bangalore based online home rentals startup, which was previously a platform for shared accommodation for singles, has raised $12 million from Tiger Global and Flipkart, reports ET. The home rental marketplace will use the funds for geographical expansion and improving its technology platform.

In March this year, Nestaway had raised $1.25 million from IDG Ventures and angels including InMobi founder Naveen Tewari. At that time, the company said that it would use the funding to launch operations in Pune and the NCR region. Note that the company currently operates only in Bangalore, while it displays Pune and Gurgaon as “coming soon” on its website.

Nestaway lets users find housing rentals and house owners rent their properties on the platform. It also provides services like house cleaning, plumbing and relocation services (only from one Nestaway house to another) among others.

Furnished flats with maintenance services: Apparently, NestAway provides furniture like beds and mattresses along with a side table, pillow and bed cover, which it claims to change every week along with a monthly fittings and electric check up.

Other than this, the company offers a sofa, dining table, DTH TV, WiFi, fridge, washing machine, induction cooktop and utensils. Users can chat with the company in case they require services like changing a bulb or their geysers don’t work, which they claim to service in 4 hours. They can also use the app to get food delivered, book a taxi or rent a book.

Houses are damage insured for up to Rs 5 lakh: The company claims that in case the user’s flatmates do not return by 10pm, it raises alerts through the technology built into the house. It takes a cut from the rent that tenants provide, handing over the remaining amount to the owner. The company also claims that its houses are insured for damage for up to Rs 5 lakh.

Competition:

– Yesterday, online real estate portal Housing partnered with brokerage network RE/MAX India to extend its verified property listing and advertising to property consulting and last-mile services.

– Earlier this month, Flatchat, the app for students and bachelors to find accommodation and flatmates, raised $2.5 million from CommonFloor. The company will use the funds for hiring engineers, to scale up operations and expand to other cities. With this investment, CommonFloor essentially increased its stake in Flat.to.

– In January this year, Mumbai based online roommate search engine Grabhouse raised $2.5 million in Series A funding from Kalaari Capital and Sequoia Capital. The company said that it would use the funds to develop new products, improve existing technology for better end-user experience and increase Grabhouse’s presence across major cities in India.

– In the same month, Bangalore-based online real estate portal CommonFloor raised an undisclosed amount of investment from Google’s late stage growth fund Google Capital. In February, the company introduced CommonFloor Retina, a virtual reality initiative to let users view listed real estate in 3D. In May, it introduced a virtual tour for resale and rental property listings which would provide users a 360 degree view of the property.

– Other players include in this segment Olx, Quikr, Sulekha, 99acres and Magic Bricks.

Also read: #Outlook15: What Indian Online Properties Listing Companies Plan To Do in 2015

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