US-based investment fund Tiger Global, which stayed away from making investments in local startups over the past few months, is learnt to have led a $30-million (or Rs 200-crore) financing round in Bengaluru-based home rental startup NestAway, sources close to the matter said.
Started in January 2015, NestAway claims to be India’s largest “managed home rental” network and rents homes to about 10,000 tenants across Bengaluru, Delhi NCR, Pune and Hyderabad with plans to expand into Mumbai and Chennai. The Bangalore headquartered startup counts Tiger Global, IDG Ventures, Flipkart and Ratan Tata among its investors.
NestAway was founded by four alumni of the National Institute of Technology (NIT), Surathkal. Amarendra Sahu, Jitendra Jagadev, Smruti Ranjan Parida and Deepak Dhar had decided to launch online marketplace for shared home rentals for singles. The startup converts unfurnished houses into fully furnished and managed apartments, and provide them at affordable prices to pre-verified tenants.
Last time when Tiger Global has invested in an Indian startup was Shopclues, in January this year. In 2015, Tiger Global Management emerged as the biggest investor in Indian startups.
The New York-based investment company had put in as much as $2.58 billion (Rs 17,100 crore) across 34 deals in 2015, according to Bloomberg data. This includes a $700 million investment in Flipkart and $900 million (two deals) in cab-hailing service provider Ola.