India-based accommodation rental platform NestAway has secured $30m in a series C round co-led by IDG Ventures India, the local venture capital affiliate of media firm International Data Group, LiveMint reported yesterday.
The round was co-led with investment firm Tiger Global Management and Yuri Milner, the founder of investment firm DST Global, and also included Sujeet Kumar, formerly the president of operations for e-commerce company Flipkart.
NestAway runs an online marketplace where users can rent homes listed by other users. In addition to listing the properties, NestAway organises viewings, oversees rent collection and assists tenants while collecting a percentage of the rent from the landlord as payment.
The company is currently present in the cities of Bengaluru, Delhi, Pune and Hyderabad, but plans to expand rapidly as it looks to grow its user base from single professionals to those looking for family homes. The series C cash will support growth and technology development.
The round brought NestAway’s total funding to about $43m since it was founded in January 2015.
IDG Ventures India joined various angel investors to provide $1.3m in a March 2015 round before Flipkart and Tiger Global added $12m in funding four months later. Ratan Tata, chairman emeritus of diversified conglomerate Tata & Sons, invested an undisclosed sum last month.