Flipkart has teamed up with its largest investor Tiger Global to invest $12 million series B funding in Bengaluru-based online home rentals firm, NestAway.
In March, NestAway raised Rs. 8 crore from InMobi founder Naveen Tiwari and VC firm IDG Ventures. The company will use the latest round of funding to expand to more cities and improve its technology platform, reports ET.
Flipkart had bought stakes in WeHive in January and co-invested in online freight-booking marketplace Zinka (formerly BlackBuck), and is also looking for more buys.
NestAway was founded by a team of four graduates from the National Institute of Technology Suratkal – Amarendra Sahu, Jitendra Jagadev, Smruti Parida and Deepak Dhar. It is a managed home rental marketplace, which uses technology to provide better rental solutions. It turns unfurnished houses into fully furnished outlets and manages apartments and provides them at affordable prices to pre-verified tenants.
The news comes at a time when there is a lot of investment action in this space. For instance, peer-to-peer property listings site NoBroker raised $3 million in Series A round from SAIF Partners and Fulcrum Capital in February this year. Also in the same month, Rocket Internet-backed online property listing portal for emerging markets Lamudi secured $18 million in funding led by Asia Pacific Internet Group.