[Funding alert] NestAway Technologies raises Rs 34.92 Cr from Goldman Sachs
Bengaluru-based home rental startup, NestAway Technologies has raised a total of Rs 34.92 crores (about $5 million) from Goldman Sachs, as a part of its ongoing Series D round, according to a regulatory filing reviewed by YourStory. Existing investors IDG India (now Chiratae Ventures) and Tiger Global also participated in the funding.
The filing shows that a total of 13,882 Series D1 CCPS shares were issued at a premium of Rs 25,151.87 per share to Goldman Sachs Asia Strategic Pte Ltd.
Earlier in March 2018, NestAway announced that it had raised close to $51 million (or Rs 330 crore) in Series-D financing from global investment bank Goldman Sachs, as well as UC-RNT Fund, a joint venture between Ratan Tata's RNT Associates and the University of California, and Schroder Adveq.
Nestaway co-founders Deepak Dhar, Jitendra Jagadev, Amarendra Sahu and Smruti Parida
In May 2019, the company in a regulatory filing with the Ministry of Corporate Affairs (MCA) revealed that, it was in the process of raising Rs 69.85 crores (close to $10 million) as part of its ongoing Series D round, along with Chiratae Ventures and Tiger Global Management.
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.
The co-living space in India is heating up with more and more players including Stanza Living, Colive, University Living, OxfordCaps and others, crowding the space and trying to solve the problem for various demographics.
Hospitality unicorn OYO, in October 2018 launched, OYO LIFE, targeting millennials and young professionals in search of fully managed homes on long-term rentals at affordable prices.
While OYO LIFE doesn’t have a sub-category focusing on students yet, however, a notable chunk of its residents are students, which puts it in direct competition with specialist players in the student co-living space.
(Edited by Suman Singh)