House renting platform NestAway has raised $51 million (Rs.330 crore) funding in Series D round led by finance firm Goldman Sachs and Ratan Tatas backed UC-RNT Fund. Existing investors IDG India and Tiger Global also took part in the funding round. As per ET reports the investment made by existing investors is about $5-$8 million.
In 2015, the Bengaluru-based home rental startup NestAway was founded by Amarendra Sahu,Deepak Dhar,Jitendra Jagadev andSmruti Parida. The startup helps people to discover, rent and manage fully-furnished homes. The startup charges 10-12 per cent commission on rent earned by the owners and in exchange offer services like maintenance and free advertising on its platform. The startup plans to use the raised funding to expand into newer segments.
Niladri Mukhopadhyay, MD at Goldman Sachs, said, NestAway is on the forefront of utilizing know-how and a hands-on, customer-centric strategy to fixing advanced housing market issues in Indias largest cities.
After this funding, it is estimated that the startup will be valued around $180-$200 million.
The corporate plans to broaden its operations into new areas like group dwelling, managing houses of NRIs and even pupil lodging in order to compete with Stanza Living, Yourspace, Campus Ville and Coho Dorms. It sees a possible market of 1million NRI houses in prime metro cities.
With this funding, we will work on group housing and pupil housing along with our present classes, stated Sahu, who can be the corporates CEO.
In this space, recently a home rental startup FastFox has also raised $10 million funding in Series A round led by Blume Ventures and Lightspeed Ventures.