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Tiger Global, Flipkart commit $12m to India's NestAway

  • Andrew Woodman
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Indian e-commerce giant Flipkart and its backer Tiger Global have together invested INR760 million ($12 million) in online home rentals start-up NestAway.

Bangalore-based Nestaway was set up by four graduates from the National Institute of Technology in Suratkal earlier this year. It is an online marketplace for home rentals predominantly aimed at young professionals seeking inner city accommodation. The start-up seeks to put the whole renting process - from house viewing to approving tenants, completing agreements, and collecting rent - online.

According to Tech in Asia, there is no brokerage cost on finding accommodation and each tenant is verified before entering into a contract. Home owners who list their properties with NestAway can furnish their house and list it themselves or pay NestAway to furnish it. The company collects a percentage of the rent, which is paid online via an escrow system, before transferring it to the landlord.

There are already a number of online real estate platforms in India that compete both directly and indirectly with NestAway. The most notable VC-backed examples are: Housing.com which raised $90 million from SoftBank in December; Commonfloor.com, which got backing from Google Capital in January; and NoBroker which raised a $3 million Series A round of funding in February.

 

 

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