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NestAway raises $30M in funding round led by Tiger Global

nestaway

NestAway, a home rentals startup based out of Bangalore, has raised $30 million in a series C round of funding led by Tiger Global, reports Mint. Other investors in the round include Yuri Milner (founder of DST Global), IDG Ventures India, and Sujeet Kumar (Flipkart’s former head of operations).

The startup was founded in 2015 by Amarendra Sahu, Smruti Parida, Deepak Dhar and Jitendra Jagadev. NestAway turns unfurnished houses into full-furnished and managed apartments, providing it to verified tenants.

NestAway also manages the home owner’s property during the entire rent cycle and collects a fee from the rent paid by the tenants. This includes  showing the house to a prospective tenant and closing the rental agreement to collecting rent on the owner’s behalf and assisting the tenant and owner during move-out.

NestAway had raised an undisclosed amount from Ratan Tata in March 2016. Prior to this, the company had raised $12 million from Tiger Global and Flipkart.

The report added that NestAway was primarily serving single professionals and students but now will extend to families as well. The company has worked with over 10,000 users across Bengaluru, Delhi, Pune and Hyderabad. It plans to reach out to a million users in the next two to three years.

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Competition

– In February 2016, Bangalore-based peer-to-peer property listings platform NoBroker raised $10 million in a Series B round of funding led by BEENEXT & Digital Garage, along with BEENOS, Qualgro and existing investor SAIF Partners.

– In January 2015, 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 July 2015, , Flatchat, the app for students and bachelors to find accommodation and flatmates, raised $2.5 million from CommonFloor. CommonFloor had acquired a controlling stake in Flat.to for an undisclosed amount in cash and stock in April 2014. However, CommonFloor was acquired by Quikr earlier in January. But it seems that FlatChat is still around.

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