Home-rental startup NestAway raises Rs. 333cr from Goldman Sachs, others
What's the story
Bengaluru-based online home-rental network NestAway Technologies has raised $51mn (Rs. 333.1cr) from investors including Goldman Sachs and a joint venture firm of noted industrialist Ratan Tata.
UC-RNT Fund, a JV between Tata Sons Chairman Emeritus Ratan Tata's RNT Associates, the University of California, Schroder Adveq also participated in the fourth round of funding apart from existing investors IDG India and Tiger Global.
Here's more.
Information
NestAway raised nearly $100mn
NestAway Technologies Pvt Ltd has raised $51 million (Rs. 330 crore) in Series D financing from Goldman Sachs, UC-RNT Fund, and Schroder Adveq, the company said in a statement. With the latest round of funding, NestAway has raised nearly $100 million (Rs. 653cr).
Details
NestAway offers rental services across ten cities in India
Founded in 2015, NestAway caters to individuals looking for affordable rental housing in the top 10 cities in India. The company, through the acquisition of Zenify in May'17, has also entered the family rental solution business.
It currently caters to over 35,000 tenants and 16,000 owners, including over 7,000 family owners in Bangalore, Delhi, Faridabad, Ghaziabad, Greater Noida, Gurgaon, Hyderabad, Noida, Mumbai and Pune.
Business Model
Provides services to owners, tenants with no brokerage fee
Under its business model, NestAway is a one-stop service provider for tenants and house owners where neither has to pay any brokerage fee.
The company serves as a broker and property manager for home owners by helping to find tenants, collect rent, and manage the property over its lifetime in exchange for a percentage share of the rental stream.
Quote
Shall work on community and student housing: NestAway CEO
NestAway Technologies Co-founder & CEO Amarendra Sahu said: "With this funding, we shall strive harder to impact not only where people live but also how they live and shall work on community housing and student housing in addition to our existing categories."
Goldman Sachs
NestAway, at the forefront of using technology: Goldman Sachs MD
Niladri Mukhopadhyay, a Managing Director at Goldman Sachs, said NestAway is at the forefront of using technology and a hands-on, customer-centric approach to solving complex housing market in some of India's largest cities.
He added that they look forward to partnering with NestAway to bring greater levels of convenience, transparency, and service to both home-owners and home-renters throughout India.