Home rental startup NestAway Technologies Pvt. Ltd has acquired apartment management platform ApnaComplex, to help expand its property management business. Nestaway didn’t disclose the financial details of the deal.
Nestaway will use the acquisition to expand its range of home services such as painting, pest control, and deep cleaning to apartment residents that are currently registered with the ApnaComplex platform, said a top executive.
ApnaComplex, a 10-year old startup, offers residents of buildings a platform, primarily to help them settle apartment bills, raise complaints, book common facilities and organize public events.
This is Nestaway’s second acquisition since its launch in 2015. In 2017, it had acquired its smaller rival Zenify (City Synapse Information Pvt. Ltd) for an undisclosed amount to expand into the family housing segment.
With this acquisition, ApnaComplex’s 20,000 societies spread across over 80 cities will get access to Nestaway’s services. ApnaComplex will retain its brand and will continue to operate independently after the acquisition and will continue to focus on its core segment of apartment societies.
Co-founded by Sahu, Deepak Dhar, Jitendra Jagadev and Smruti Parida in 2015, Nestaway has so far raised around $110 million from investors such as Tiger Global, Epiq Capital, Goldman Sachs and Chiratae Ventures.
Dhar quit the startup to set-up his own venture, Mint reported in July 2019.
Nestaway competes with several other similar brands such as Nexus Venture Partners-backed Zolo Stays, and Oyo which also offers shared housing under the OYO Life brand.
This article was first published on livemint.com