NestAway, an India-based home rental marketplace backed by e-commerce platform Flipkart, is looking to secure between $30m and $50m in new funding in the next three months, LiveMint reported yesterday.
Founded in January 2015, NestAway operates a marketplace that helps landlords rent out their properties to tenants. The platform is currently available in four cities across India.
NestAway hopes the additional cash will enable it to attract more landlords. It currently lists 2,300 properties and has attracted 10,000 tenants, but aims to boost those numbers to 50,000 and 100,000 respectively this year.
The company previously raised $12m in a July 2015 series A round backed by Flipkart and hedge fund Tiger Global Management.
IDG Ventures India, the local VC affiliate of media company International Data Group, contributed to a $1.3m seed round alongside assorted angel investors in March 2015.
Ratan Tata, chairman emeritus of industrial conglomerate Tata & Sons, also invested an undisclosed amount in March 2016.
Amarendra Sahu, co-founder and CEO of NestAway, said: “We have started talking with existing investors and have one fresh investor. The fresh funds will help us enhance our technology and deepen our services in existing cities. The plan also is to expand in other cities like Chennai.”