Bengaluru (Karnataka): India’s largest home rental network, NestAway Technologies Pvt. Ltd. (NestAway) on Thursday announced raising USD 51 million (Rs. 330 Crores) in series D financing.
The money was raised from Goldman Sachs, a global investment bank and active investor in India, and the HK and UC-RNT Fund, a joint venture between Tata Son’s chairman emeritus Ratan Tata’s RNT Associates and the University of California and Schroder Adveq.
This round also saw participation from its existing investor IDG India and Tiger Global.
“Our vision is to create accessible living using imagination and empathy and we have been humbled by the market acceptance of our shared as well as family rental solution. 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. We are glad that our new partners in this journey share our vision and passion to create unique living infrastructure in this country using design and technology,” said co-founder and CEO, NestAway Technologies, Amarendra Sahu.
“NestAway is at the forefront of using technology and a hands-on, customer-centric approach to solving complex housing market in India’s largest cities. We look forward to partnering with them to bring greater levels of convenience, transparency and service to both home-owners and home-renters throughout India,” said a managing director at Goldman Sachs, Niladri Mukhopadhyay.
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.
As part of its rental solution, NestAway offers structure and content insurance of up to Rs. 1 crore to every owner which protects them against tenancy linked damages to the property.
NestAway also provides legal assistance to owners and tenants by adopting a standard rental contract and attention to disputes during the course of rental, a tailored service which is differentiated from what is available in developed markets.
The company is the market leader of furnished shared rental, a rental solution it pioneered that caters to individuals looking for affordable rental housing in the top 10 cities in India.
NestAway through the acquisition of Zenify in May 2017, has also recently entered the family rental solution business. (ANI)