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NestAway, a home rental platform, to raise $150 million

NestAway, India's biggest home rental application will have to fight of competition from OYO Living soon

Home rentals in India is a huge platform for many companies and it is there to be exploited. Many of the metro cities have students and employees looking for a home and there can be nothing better than an application to find a home. Previously it used to be a day of walking around the city and looking at meaningless apartments and then paying the fees to the agents. However, there are applications which are out there cutting out all these efforts and extra money spent. These applications have opened up a huge market which can conquer the entire country.

NestAway is one such application which has worked its way to the top. It is one of the largest applications when it comes to rentals and offering tenants with a personal bedroom or something in that section. That said, NestAway does this without charging anything. It targets young professionals or students who are new in the city and are looking for a separate bedroom with common areas like the kitchen and bathroom.

NestAway is one of the largest home rental startups in the country. It has around 50,000 tenants with 25,000 homes. The company was founded in 2015 by four aspirants; Amarendra Sahu, Deepak Dhar, Jitendra Jagadev and Smruti Parida. The company has come a long way in three years. It has managed to find investments close to $100 million with some well-known investors backing their application. Tiger Global, Yuri Milner, IDG Ventures are some of the investors.

However, the company is looking to get another round of funding. There are people close to the company talking about a huge $150 million investment coming into the company. This news comes after Softbank made a smashing investment in OYO’s up and coming home rental platform, OYO Living. NestAway has to be aware of competition as the market is not exploited to the point where they could co-exist. The company will have to aware of any possible infringements in the market.

That said, to compensate with OYO Living, NestAway is in advanced talks to raise around $100 million. The company will look to expand into different cities. It is already present in eight cities which include New Delhi, Noida, and Bengaluru. The company is looking to exploit other cities which are educational hubs of their respective states and more.

NestAway had secured a $51 million funding in the month of February. There were some major names as a group of investors accounted for those $51 million. Goldman Sachs Group, UC-RNT, a Ratan Tata’s Associates and University of California’s venture fund also pledged its money into the group. That said, the company will look to use the latest investments in a way where it could fight off its competition and stay relevant in the business.

-Unmesh Phule

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