Home rental startup NestAway to raise $10M from Tiger Global and Chiratae Ventures
Bengaluru-based home rental startup NestAway Technologies is in the process of raising Rs 69.85 crores (close to $10 million) as a part of its ongoing Series D round, according to their regulatory filings with the MCA.
The investors for the current funding are Chiratae Ventures and Tiger Global Management.
There are a total of 27,764 equity shares which have been issued by NestAway at a premium of Rs 25,162, per share.
The Founders of NestAway
Chiratae Ventures (earlier known as IDG Ventures) through IDG Ventures India Fund III, will invest close to Rs 23.75 crores, and another Rs 11.17 crores through Vistra ITCL (India) Limited, which acted as the trustee for Chiratae Trust.
While on the other end, Tiger Global will invest close to Rs 35 crores via Singapore-based Internet Fund III Pte. Limited.
This round is estimated to be a part of the $100 -$150 million (approx. Rs 700 – Rs 750 crore) round which was reported by the media in November last year. In February this year, it was reported that NestAway was also in talks to raise funding from Chinese conglomerate, Fosun, for this round.
When reached out, NestAway declined to comment on the development.
Founded in 2015 by Deepak Dhar, Jitendra Jagadev, Amarendra Sahu, and Smruti Parida, NestAway provides affordable rental solutions to individuals. In February this year, NestAway also announced the launch of its incubation programme, NestAwayStartup Lab.
As a part of this launch, the company partnered with startup accelerator Excubator for the six-month incubation programme.
Recently, there were media reports stating that hospitality Unicorn OYO Rooms is also looking to enter the co-living, student housing, and co-working segments, as it looks to increase its product offerings in the market.
Just last month, co-living accommodation startup, Colive raised $9.2 million in a Series A round from real estate developer Salarpuria Sattva Group.
The Bengaluru-based company Colive said that it would use the funds to scale up its operations from 12,000 beds at present to 1 lakh beds over the next two years and expand its presence in Hyderabad, Mumbai, and Pune.