Online shared and family home rental platform, NestAway has raised funding of $51 million (approx Rs 330 crore) from Goldman Sachs and UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California, reports Times of India.
The publication reports that Goldman Sachs has put $19 million through its India and Hong Kong investment arm, and UC-RNT has put in $16 million, and the existing investors Tiger Global and IDG India also participated in this round.
The startup was founded in 2015 by Amarendra Sahu, Smruti Parida, Deepak Dhar and Jitendra Jagadev. NestAway turns unfurnished houses into fully-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’s previous funding
It raised $30 million in a series C round of funding led by Tiger Global, and other investors like Yuri Milner (founder of DST Global), IDG Ventures India, and Sujeet Kumar (Flipkart’s former head of operations), in April 2016. A month before that NestAway had raised an undisclosed amount from Ratan Tata. Prior to this, the company had raised $12 million from Tiger Global and Flipkart.
NestAway competes with the platforms which basically either offer PG-like stays or brings PG listings online. There are companies likes of NoBroker, Grabhouse, and even CommonFloor, which allows users to find accommodation and flatmates, which also acquired a controlling stake in Flat.to back 2014. However, CommonFloor was acquired by Quikr earlier in January. But it seems that FlatChat is still around.