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Online home rental startup Nestaway raises $12 mn from Flipkart, Tiger Global

Marking
its third investment in new ventures this year, Flipkart has teamed up with Tiger
Global to invest around $12 million in online home rentals startup Nestaway.

According
to an Economic Times report, the company will use the latest round of funding
to expand to more cities and improve its technology platform.

Bengaluru-based
Nestaway, which was founded by a team of four graduates from the National Institute
of Technology in Suratkal, is an online marketplace for home rentals that
targets unmarried professionals looking for accommodation in the metros.

“From
showing the house to approving tenants, completing agreements to collecting
rent; everything happens online,” Jitendra Jagadev, co-founder Nestaway,
told the Economic Times.

According
to the report, Flipkart, which bought a stake in WeHive in January and co-invested
in online freight-booking service Zinka, is actively scouting for more buys. Industry
experts believe that this trend is in keeping with the model adopted by global
technology firms including Google and Facebook.

“A
lot of startups have new technology and solutions which these larger companies
will look to tap to increase their own business and reach new customers,” Raja
Lahiri, partner at consultancy Grant Thornton, was quoted in the report as
saying.

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