Bengaluru-based home rental startup NestAway Technologies is raising about $10 million (Rs 69.83 crore) as part of its ongoing Series D funding round from existing backer New York-based investment firm Tiger Global Management, and Chiratae Ventures.
Chiratae Ventures, earlier known as IDG Ventures, will infuse about Rs 34.9 crores by subscribing to NestAway’s 13,882 Seres D1 cumulative convertible preference shares (CCPS) each at a premium of Rs 25,151.87. It is routing the investment via IDG Ventures India Fund III, and Vistra ITCL (India) Limited, per the company’s filings with the Registrar of Companies (RoC) sourced by paper.vc.
Tiger Global, on the other hand, will invest in the Indian startup via Singapore-based Internet Fund III Pte. Limited. The fund will, too, acquire 13,882 Series D1 CCPS in NestAway by pumping in additional Rs 34.9 crore.
NestAway has been reportedly looking to raise over $100 million in Series D funding.
According to a February Mint report, the startup was also in talks with a slew of prominent Chinese investors, including diversified conglomerate Fosun for financing. Chinese venture capital firm Shunwei had, too, shown interest in investing in the company.
Founded by Amarendra Sahu, Deepak Dhar, Jitendra Jagadev, and Smruti Parida in 2015, NestAway has raised a total of $94.2 million in funding till date, the Crunchbase data showed. It last raised an undisclosed amount in venture round from Epiq Capital. Prior to that, the startup raised $51 million from Goldman Sachs, UC-RNT Fund, and Schroder Adveq in March 2018.
NestAway is present in 15 cities, including Bengaluru and Mumbai, as well as smaller hubs such as Kota. It claims to have more than 30,000 houses and 70,000 customers.
Other notable startups in the home rental space include Oyo Life, Zolo Stays, Stanza Living, NoBroker, and QuikrHomes.
Launched in October 2018, Oyo Life offers residents fully managed independent residential units, inclusive of contracting, furnishing, cleaning, maintenance, and in-stay services. In a statement in February, Oyo said that Oyo Life has more than 10,000 beds signed and over 6,000 live beds and is adding over 1000 new beds every month.
Meanwhile, Bengaluru-based Zolo had raised $30 million in a funding round led by IDFC Alternatives, Mirae Asset and Nexus Venture Partners in January this year. The startup plans to use this latest funding for expansion into other cities as well as investing in the student accommodation segment.
Gurgaon-based student housing startup Stanza Living raised $10 million in a Series A round led by venture capital firm Sequoia Capital in September last year.