NestAway plans to retain the Zenify brand and the 100-member team as a separate entity post the deal. The company CEO Amarendra Sahu told that the acquisition will help NestAway expand its home rental offerings for families.
“We hope to disrupt and restructure the social infrastructure of housing for both singles and families in times to come,The acquisition will add 4,000 homes to our family rentals business. We plan to do some cross-linkages for inventory in the family rentals space. But Zenify will not list any shared properties,”
Amarendra Sahu said in a statement.
Nestaway founded in 2015 by Sahu, Smruti Parida, Deepak Dhar and Jitendra Jagadev, started out as an aggregator of shared, furnished apartments for bachelors, before adding full homes for families. It claims to manage more than 10,000 homes in Bangalore, Delhi, Gurgaon, Noida, Ghaziabad, Hyderabad, Pune and Mumbai.
With coming together of the two biggest players in the real-estate services segment, we will leap ahead of the competition. By making the entire system transparent and value-driven, and with a strong underlying philosophy of ‘homes that do not discriminate’, NestAway and Zenify will work together to create a strong home rental ecosystem in India.”
said Ankur Agarwal, Co-founder at Zenify.
NestAway has raised over USD 40 million so far, backed by top investors such as Tiger Global and Yuri Milner. The company is looking at raising more funds in the near future.
On the other hand Zenify, founded in 2012 by Sudarshan Purohit, Kailash Rathi and Ankur Agarwal, has so far raised about Rs11 crore from a clutch of high net worth individuals and angel investors, including Atul Jalan, founder of Manthan Software Service Pvt. Ltd.