NestAway, an India-based accommodation rental platform backed by e-commerce company Flipkart, has received $51m in a round featuring investment bank Goldman Sachs, the Times of India has reported.
Goldman Sachs committed $19m through subsidiaries in India and Hong Kong and was joined by Tiger Global Management, IDG Ventures India and UC-RNT, the investment fund established by University of California and entrepreneur Ratan Tata.
Founded in 2015, NestAway has created an online marketplace where homeowners can rent their property to other users. The company acts on behalf of landlords, organises viewings and oversees the collection of rent.
NestAway typically charges a 10% to 12% commission on monthly rent payments but neither landlord nor tenant have to pay a brokerage fee. It currently manages some 15,000 properties across 10 cities.
Reports concerning the deal first emerged in December 2017, when conglomerate Fosun was also considering an investment. TOI estimates NestAway is now valued at $180m to $200m, though the company has not confirmed its valuation.
Tiger Global and private investor Yuri Milner co-led NestAway’s $30m series C round in 2016, which included IDG Ventures and Sujeet Kumar, formerly president of operations at Flipkart.
Ratan Tata had invested an undisclosed amount in NestAway in July 2015, the same month the company secured $12m in series A capital from Flipkart and Tiger Global. IDG India and angel investor Naveen Tewari had provided $1.3m four months before.
NestAway co-founder and 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.”