India-based home rental marketplace NestAway has secured Rs 760m ($12m) in a series A round featuring e-commerce company Flipkart, the Economic Times reported earlier today.
Hedge fund Tiger Global Management also took part in the round, which followed $1.3m in seed funding provided by IDG Ventures India, a local venture capital affiliate of media and technology company International Data Group, and assorted angel investors in March this year.
NestAway operates an online marketplace aimed at unmarried professionals who are looking for accommodation in the city of Bangalore. The platform handles all aspects of the process, including approval of tenants, rental agreements and rent collection.
The series A funding will support NestAway’s expansion into more cities, as well as the further development of its platform.