New York-based Tiger Global, has led a Rs 200-crore funding round in Bengaluru-based home rental startup NestAway, accordingly to sources. This funding marks the Wall Street fund’s first India investment in the current year 2016. The Bengaluru based startup counts Tiger Global, IDG Ventures, Flipkart and Ratan Tata among its investors. The startup rents homes to about 10,000 tenants across Bengaluru, Delhi NCR, Pune and Hyderabad and has plans to expand to the cities of Mumbai and Chennai.
Nestaway was founded by Amarendra Sahu, Deepak Dhar, Jitendra Jagadev and Smruti Ranjan Parida in March last year. It takes a percentage of the monthly rent that is generates from the property owners, in exchange of which it offers maintenance and upkeep. In the current business model, there is no brokerage that either the tenant or the owner has to pay in this model.
This funding from tiger comes after it went on a dormant period of around half a year, except for funding logistics firm BlackBuck and online video content creator The Viral Fever. Lee Fixel led investment fund all of a sudden went away from the picture after having chased and backed dozens of startups last year at steep valuations. It is being discussed and debated that unlike last year, Tiger does not just want to go on a spending spree but take their time to carefully analyze and take their time to invest.
Till date, some of the bug investments from Tiger’s include – around 30% stake in Flipkart, investments in Ola, TVF, Shopclues, Quikr, Inshorts, Delhivery and Grofers, along with series-A fundings in various startups in 2015. Most of its early-stage companies have found it difficult to raise follow-on capital.