Online shared and family home rental platform, NestAway, has announced the acquisition of Bengaluru-based rental management company Zenify. The value of the transaction was not disclosed, but The Economic Times reported, quoting sources, that it was around $10 million. In May last year, Zenify had raised Rs 10 crore in total, including a round of Rs 6 crore (around $1 million) from HNI investors in May last year. In April last year, Nestaway, had raised $30 million in series C round of funding led by Tiger Global, apart from an undisclosed amount of funding from Ratan Tata, and in 2015, a round of funding from Tiger Global and Flipkart. What Zenify adds to Nestaway NestAway says that following this acquisition, it will have 4000 homes to its listing in the family rental category, a segment which it entered last year. Note that NestAway and Zenify were competitors in the family homes rental space, and the Zenify website says that it currently manages more than 3,500 apartments, with more than 10,000 customers. Both NestAway and Zenify charge commission or service fee from the house owners. NestAway is operational in eight cities Bengaluru, Delhi, Gurgaon, Noida, Ghaziabad, Hyderabad, Pune and Mumbai while Zenify is operational only in Bangalore. Zenify will continue to operate as an individual brand under the NestAway umbrella. Competition in home rental space Home rentals and purchase space has seen significant consolidation in recent times. PropTiger and Housing.com merged in January this year, raising $55million in fresh capital. Housing, in April this year had…
