Indian PropTech startup NestAway raises $50m

Indian online home rental startup NestAway Technologies has reportedly raised $50m in a fresh round of funding.

The capital came from UC-RNT Fund, the joint investment fund between Tata Sons chairman emeritus Ratan Tata and the University of California, according to a report in a national daily, which cited sources close to the matter said.

Tiger Global and IDG Ventures India also participated in the financing round, which brings the company’s value to between $180m and $200m after the investment, sources said.

Back in April 2016, the home rental startup’s closed last investment, raising $30m in a Series C round led by Tiger Global, Russian billionaire Yuri Milner and IDG Ventures India.

Founded in 2015 by Amarendra Sahu, Deepak Dhar, Jitendra Jagadev, and Smruti Parida, the company claims to be India’s largest Home Rental network, helping people discover, rent and manage fully-furnished homes.

It turns ‘for-rent’ apartments into managed, fully-furnished houses and provides them to pre-verified tenants. NestAway initially targeted single working professionals, but has since expanded its services to families.

The first three quarters of 2017 saw Indian FinTech companies receive $6.6bn worth of funding according to data by FinTech Global.

Between 2014 and 2016 total investment to FinTech companies based in India fell by 44.5% from $2.29bn to $1.27bn. Despite the decrease in total investment, the number of deals closed rose at a CAGR of 33.6% during the same period.

Copyright © 2017 FinTech Global

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