Home rental startup NestAway has acquired apartment services platform ApnaComplex for an undisclosed amount, Mint reported.
NestAway told the paper the deal would help expand its services into painting, pest control and deep-cleaning for residents registered with the ApnaComplex.
Amarendra Sahu, the chief executive of Nestaway, said the deal would enable residents in these societies to rent their apartments in an “easy, seamless and trustworthy way” and will help the company read a much larger audience in not just Bengaluru, but across India as well.
The acquisition brings to NestAway’s portfolio 20,000 societies across 80 cities. While financial details of the ApnaComplex deal were not available, this is NestAway’s second acquisition after Zenify in 2017 to expand into family housing, as per the report.
ApnaComplex will retain its brand and function independently, the paper added. Company CEO Raja Sekhar Kommu told Mint the association would allow them to enhance their platform and “create a strong and trusted ecosystem for owners and residents of apartment societies.”
NestAway has been on a growth path. In March 2018 it raised $51 million (about Rs 330 crore) in a Series D financing from investors including Goldman Sachs and the HK and UC-RNT Fund, a joint venture between Tata Sons chairman emeritus Ratan Tata's RNT Associates and the University of California and Schroder Adveq.
This round also saw participation from its existing investor IDG India and Tiger Global.
Founded in 2015, NestAway caters to individuals looking for affordable rental housing in the top 10 cities in India. It is a one-stop service provider for tenants and house owners where neither has to pay any brokerage fee.
With its technology-enabled platform and sophisticated data analytics capability, NestAway today caters to over 35,000 tenants and 16,000 owners, including over 7,000 family owners in Bangalore, Delhi, Faridabad, Ghaziabad, Greater Noida, Gurgaon, Hyderabad, Noida, Mumbai and Pune.
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