Online home rental startup NestAway secures $51mn led by Goldman Sachs

NestAway turns unfurnished houses into fully-furnished and managed apartments and provides them at affordable prices to pre-verified tenants

Bangalore-headquartered online home rental startup NestAway Technologies has raised $51 million (INR 332.5 crore) in Series D financing roundled by Goldman Sachs and UC-RNT Fund, a fund jointly managed by Ratan Tata’s RNT Associates, University of California and Swiss investment firm Schroder Adveq.

Existing investors IDG Ventures and Tiger Global also returned to contribute in this round.

The startup will use the funds for expansion in existing markets, and scale operations of its newly-launched NRIs (non-resident Indians) category.

The startup has previously raised US$30 million led by Tiger Global, Russian billionaire Yuri Milner and IDG Ventures India, in April 2016.

Established in January 2015 by Amarendra Sahu, Smruti Parida, Deepak Dhar, and Jitendra Jagadev, NestAway enables users in the discovery of homes as well as the fulfilment (closing the rental transaction) and post rental services (rent collection, home repair services, etc).

At the same time, for owners who have no time or expertise to generate yield from their home, NestAway enables them to lease their homes with almost no hassle.

NestAway essentially turns unfurnished houses into fully-furnished and managed apartments and provides them at affordable prices to pre-verified tenants.

The company caters to over 35,000 tenants and 16,000 owners, including over 7,000 family owners in Bengaluru, Delhi, Faridabad, Ghaziabad, Greater Noida, Gurgaon, Hyderabad, Noida, Mumbai and Pune.

Last year, NestAway acquired rival Zenify.in.