Chinmay Bidkar
19 April 2016, India :
NestAway Technologies Pvt Ltd raised $30 million in Series C, or third round, funding, the company stated on Sunday. The round was led by American investment firm Tiger Global, Yuri Milner—founding partner of DST Global—and IDG Ventures India. Flipkart Ltd’s former head of operations, Sujeet Kumar, also participated in the investment round.
NestAway is Bengaluru-based home rental company backed by Ratan Tata.
NestAway manages a house-owner’s rental property throughout the rental life cycle starting from showing the house to the prospects, closing the rental agreement to collecting rent on the owner’s behalf and assisting the tenant and owner during move-out.
“NestAway’s customized strategy has demonstrated the potential to transform India’s rental housing market by leveraging a long-term view of the owner-tenant relationship. By emphasizing the highest quality of customer service and satisfaction, NestAway is developing an annuity-based e-commerce model at scale,” Lee Fixel, partner at Tiger Global, said in a statement.
“NestAway’s mission is to make city housing available and affordable at scale. This is akin to solving for good roads or water in a city that requires partners who are equally inclined to help build a fundamental social infrastructure in India. Together,we will reimagine housing for India with empathy,” co-founder Sahu said in a statement.
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.
Image : nestaway