Tiger, IDG lead $30m Series C for India's NestAway
Tiger Global and IDG Ventures, along with Russian entrepreneur Yuri Milner, have led a $30 million Series C round for Indian online home rental start-up NestAway.
The company will use the new capital to scale up its operations and improve its technology. Having focused on building a customer base among single professionals up to now, NestAway now hopes to extend its services to families looking for homes.
Based in Bangalore, NestAway operates an online marketplace for home renters, while also managing rental properties for landlords. The start-up acts as a full-service agent for homeowners, handling house viewing, tenant approval, drafting of contracts and rent collection online. Homeowners pay commission based on a percentage of the monthly rent.
NestAway has completed several rounds of funding since its launch last year, including an INR80 million commitment from IDG in March 2015 and a INR760 million investment by Tiger and Flipkart last July. Ratan Tata, chairman emeritus of the Tata Group, also committed an undisclosed amount of funding earlier this year.
India's online property listings industry is the scene of competition between several VC-backed start-ups. Among the most prominent is Housing.com, which recently raised INR1 billion from SoftBank after widely publicized conflicts last year between the board and co-founder Rahul Yadav. Online classifieds business Quikr also recently entered the space, buying CommonFloor in January for an undisclosed amount.
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