Stanza Living Last Week, NestAway This Week: Co-Living Industry Gets $50M in Fresh Funds
Just last week a startup that targets students looking for accommodation announced raising over 2 million dollars.
The startup from Bangalore, the online shared room, private room and house listing platform, NestAway Technologies has tallied up $50 million more from the UC-RNT Fund, the joint investment fund formed by Chairman Emeritus Ratan Tata and the University of California, a national daily and online media outlets reveal.
Other existing investors like IDG Ventures and Tiger Global have purportedly invested in this new fundraise according to sources known to the national daily. It’s an investment which is expected to value NestAway between $180 million and $200 million, the report had further said.
An online media outlet says of an interview it held with a cofounder of NestAway, “…last month, cofounder Deepak Dhar said that the next round of capital the company raises will be used to create new technology to facilitate the business in new markets such as developing systems to predict rentals and data analytics. He also said that the firm will invest in smart homes and has already run pilots for it.”
In May this year, Nest Away acquired Zenify.in, a competing company, to further expand listings available to entre families looking for new places to move into.
In its previous round of funding, in April 2016, Nest Away raised $30 million. It was their series C round; Tiger Global, Russian billionaire Yuri Milner and IDG Ventures India participated in that round.
Prior to this in February 2016, Ratan Tata invested an undisclosed amount in the startup in his personal capacity.
UC-RNT has so far invested in four startups this year. It jointly invested over $100 million in Ola Cabs with Falcon Edge Capital in May this year and $3 million in CureFit Healthcare from Bangalore. In June, UC-RNT participated in a $31 million round by Mswipe Technologies from Mumbai. Nest Away is its latest investment for this year.
NestAway, among the best funded co-living startups in India, was founded by 4 entrepreneurs in January 2015, Amarendra Sahu, Jitendra Jagadev, Smruti Ranjan Parida and Deepak Dhar.
NestAway, first targeted single working professionals but has expanded its offerings to families. NestAway now offers both shared and private rooms for individuals and residential properties better suited for families.
According to insight shared by Dhar with an online media site, NestAway expects to become profitable by 2020 and has at present 10,000 to13,000 property owners in its network and has about 30,000 tenants have found homes via NestAway sans a brokerage fee.
NestAway competes with other shares space, co-living providing companies like NoBroker and Zolostays. Last week, Stanza Living, a startup that targets students looking for accommodation announced raising over 2 million dollars from VCs like Matrix Partners India and Accel India.