Home rental startup Nestaway acquires apartment management solution ApnaComplex
Bengaluru-based home rental startupon Thursday said it has acquired apartment management and security solution, ApnaComplex.
Post this acquisition, ApnaComplex will retain its distinct brand and continue to operate independently. The platform will also continue to focus on its core segment of apartment societies.
The acquisition is expected to accelerate the growth of both companies by enabling offerings with much better value for their target customers.
Nestaway co-founders Deepak Dhar, Jitendra Jagadev, Amarendra Sahu and Smruti Parida
While the acquisition will allow Nestaway to source new leads within the complexes managed by ApnaComplex, on the other hand, the apartments managed by ApnaComplex will be able to tap into Nestaway’s home improvement services, a company spokesperson explained.
Nestaway mainly focuses on the process of renting houses using its innovative business models, and ApnaComplex has been focused on making life convenient for the residents, homeowners, and their associations in gated communities.
Speaking on the acquisition, Amarendra Sahu, Co-founder and CEO at Nestaway Technologies, said,
“Our association with ApnaComplex will enable the residents of these societies to not only an easy, seamless and trustworthy way to rent their apartments to families but also get better offers in a range of high-value home services including painting, pest control or deep cleaning at fraction of the market rate that NestAway has been delivering in its network.”
This is the second acquisition in the apartment management space this week. Just two days ago, real estate startup NoBroker acquired Gurugram-based apartment management solution Society Connect in an all cash deal to add on to efficiencies to its community management product, NoBrokerHood.
Raja Sekhar Kommu, Co-founder and CEO of ApnaComplex, said,
“We are committed to making a positive impact in all aspects of an apartment resident’s life - from hassle-free maintenance payments to healthy living. Associating with Nestaway will not only enable us to enhance our platform at a much faster rate but together we can create a strong and trusted ecosystem for owners and residents of apartment societies.”
Founded in 2010, ApnaComplex at present manages over 20,000 societies spread across more than 80 cities with a bulk of homes in major cities including Bengaluru, NCR, Mumbai, Pune, and Hyderabad.
Recently, Nestaway Technologies raised a total of Rs 34.92 crore (about $5 million) from Goldman Sachs as 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.
(Edited by Megha Reddy)