Bengaluru-based online home rentals firm, NestAway has raised Rs. 8 crore from InMobi founder Naveen Tiwari and VC firm IDG Ventures. The raised funding will be used to launch operations in the National Capital Region and Pune.
NestAway is a managed home rental marketplace, which uses technology to provide better rental solutions to singles in the cities. It turns unfurnished houses into fully-furnished and managed apartments and provides them at affordable prices to pre-verified tenants.
The news comes on heels where there is a lot of investment action in the same space. For instance, Bengaluru-based peer-to-peer property listings site NoBroker, had raised $3 million in Series A round from SAIF Partners and Fulcrum Capital. In February this year, Rocket Internet-backed online property listing portal for emerging markets Lamudi had raised $18 million in funding led by Asia Pacific Internet Group which is a joint venture of Rocket Internet and Ooredoo; Holtzbrinck Ventures and current investor Tengelmann Ventures.
In April 2014, Commonfloor had bought Flat.to, a real estate service that helps students and bachelors find flats, paying guest accommodation and hostels across several cities in India. Commonfloor.com had also raised USD 10.4 million from Tiger Global and Accel Partners in January 2014.
In India, IDG Ventures has also invested in companies such as Flipkart, Myntra, Yatra, Newgen, Brainbees (FirstCry.com), Vserv, Manthan Software, Valyoo (Lenskart.com), Ozone Media and Actoserba (Zivame.com).