Goldman Sachs invested $19 million through its Indian and Hong Kong based investment arm, while UC-RNT invested about $16 million in the home-rental startup, media reports said.
In December last year, media reports came out stating that NestAway has raised a $51 million investment round. Confirming the reports, NestAway, today, announced raising $51 million from Goldman Sachs, UC-RNT and University of California. Goldman Sachs invested $19 million through its Indian and Hong Kong based investment arm, while UC-RNT invested about $16 million in the home-rental startup, media reports said.
The investment round also saw participation from Tiger Global and IDG India. The post investment valuation of NestAway stands between $180 million – $200 million, the reports added. Also, this takes NestAway’s total raised investment to $94 million. The startup has investors like Tiger Global, Russian billionaire Yuri Milner-backed fund Apoletto Asia, among others.
Commenting on the investment raised, Amarendra Sahu, Co-Founder and CEO of NestAway, said, “With this funding, we shall strive harder to impact not only where people live but also how they live and shall work on community housing and student housing in addition to our existing categories.”
While MD of Goldman Sachs, Niladri Mukhopadhyay, quoted, “NestAway is at the forefront of using technology and a hands-on, customer-centric approach to solving complex housing market in India’s largest cities.”
Founded by Amarendra sahu, Deepak Dhar, Jitendra Jagadev and Smruti Parida in 2015, the company offers an online marketplace for house rentals, where it turns unfurnished houses into furnished and then rents them out to home seekers. The company is currently operating in Delhi NCR, Mumbai, and Bengaluru, claims to have over 10,000 houses under management.
In May, last year, NestAway acquired Zenify, a rental management company, for an undisclosed amount. While Goldman has been exploring the Indian market and has previously invested in startups including FabHotels, MedPlus, among others.
According to a recent published report, the Indian real estate market is expected to reach the $180 billion mark by 2020. The housing sector, alone, seems to be contributing over 5-6 percent to the country’s GDP.
The market size is expected to increase at a CAGR of 11.2 percent with retail, hospitality and commercial real estate growing significantly, providing the much-needed infrastructure for India’s growing needs.