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Home rental network NestAway Technologies today said it has raised $51 million (about Rs 3.30 billion) from investors including Goldman Sachs and a joint venture firm of noted industrialist Ratan Tata.
UC-RNT Fund, a joint venture between Tata Son's Chairman Emeritus Ratan Tata's RNT Associates and the University of California, also participated in the fourth round of funding. Existing investors IDG India and Tiger Global also took part in this round.
With the latest round of funding, NestAway has raised nearly $100 million.
Founded in 2015, NestAway caters to individuals looking for affordable rental housing in the top 10 cities in India. The company, through the acquisition of Zenify in May 2017, has also entered the family rental solution business.
Under its business model, NestAway is a one-stop service provider for tenants and house owners where neither has to pay any brokerage fee. The company serves as a broker and property manager for home owners by helping to find tenants, collect rent and manage the property over its lifetime in exchange for a percentage share of the rental stream.
NestAway currently caters to over 35,000 tenants and 16,000 owners, including over 7,000 family owners in Bangalore, Delhi, Faridabad, Ghaziabad, Greater Noida, Gurgaon, Hyderabad, Noida, Mumbai and Pune.
NestAway Technologies co-founder & CEO Amarendra Sahu said: "With this funding, we shall strive harder to impact not only where people live but also how they live and shall work on community housing and student housing in addition to our existing categories."
Niladri Mukhopadhyay, a managing director at Goldman Sachs, said, NestAway is at the forefront of using technology and a hands-on, customer-centric approach to solving complex housing market in Indias largest cities. We look forward to partnering with them to bring greater levels of convenience, transparency and service to both home-owners and home-renters throughout India.