NestAway homes in on fresh funds
BENGALURU: Tiger Global-backed online real estate firm NestAway Technologies is in preliminary talks for a fresh round of fundraising, which will see participation from existing investors including India's largest online retailer Flipkart and venture capital firm IDG Ventures.
The portal, which provides shared and furnished accommodation through its online booking platform, is set to close this financial year with Rs 250 crore in gross rentals and a five-fold growth in the number of customers, said cofounder Amarendra Sahu.
The company provides ready-to-move-in homes and charges a 12.5% commission on the rental, depending on the occupancy of each house. It also offers owners insurance and provides ancillary services such as repairs.
NestAway Technologies had last year started piloting maid and cook services, which were scrapped later. "We need to set the expectations right. There is a perception gap," said Sahu. "For the home owners, the residual risk of working with us is zero. We are always engaged in conversation with the investors and we are looking for investors who understand our company." "We don't intend getting into selling property as the lead time can go up to a year and it's a tedious process with a number of considerations such as family, Vaastu and others," said Sahu.
The portal, which provides shared and furnished accommodation through its online booking platform, is set to close this financial year with Rs 250 crore in gross rentals and a five-fold growth in the number of customers, said cofounder Amarendra Sahu.
The company provides ready-to-move-in homes and charges a 12.5% commission on the rental, depending on the occupancy of each house. It also offers owners insurance and provides ancillary services such as repairs.
NestAway Technologies had last year started piloting maid and cook services, which were scrapped later. "We need to set the expectations right. There is a perception gap," said Sahu. "For the home owners, the residual risk of working with us is zero. We are always engaged in conversation with the investors and we are looking for investors who understand our company." "We don't intend getting into selling property as the lead time can go up to a year and it's a tedious process with a number of considerations such as family, Vaastu and others," said Sahu.
