Rented accommodation provider NestAway has acquired India-based co-living space operator StayAbode for an undisclosed amount, allowing corporates Voyage Group and Akatsuki to exit, TechCircle reported on Monday.
The deal consisted of a mixture of cash and equity in NestAway, according to people familiar with the matter.
Founded in 2016, StayAbode operates fully furnished co-living apartments that combine private bedrooms with stylish, modern communal areas. Housekeeping and utility bills are included.
The properties are typically in brownfield redevelopments marketed toward aspirational customers in the millennial bracket, and the move is expected to assist Nestaway’s student housing business. It recently spun off co-working and student property brand Hello World into a distinct business.
StayAbode raised undisclosed amounts from assorted angel investors in February 2017, and in an August 2017 round led by Incubate Fund that included various individuals and existing backers.
The company added an undisclosed amount of pre-series A funding in mid-2018 from mobile game developer Akatsuki’s corporate venturing fund, AET Fund, and private investors Anupam Mittal and Vineet Sekhsaria.
AET Fund and Incubate Fund returned to join digital advertising technology provider Voyage Group for an extension of undisclosed size in March 2019.