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NestAway plans fundraising: ceo
Posted on Thursday, 18 May 2017 11:35
Indian online property rental portal NestAway has entered discussions over an intended fundraising of more than USD 40.00 million, according to the company’s chief executive.
Speaking in an interview with Reuters, Amarendra Sahu said the firm is looking for this amount or slightly more.
He added that NestAway intends to list on a stock exchange within five years, although he cautioned that the business has not yet turned a profit.
The company has already raised a number of funding rounds, the most recent of which closed in April 2016, when it secured USD 30.00 million via a Series B injection led by Tiger Global Management and including other undisclosed parties.
Previous investors have included Flipkart Internet and IDG Ventures India Advisors.
The firm also completed an acquisition earlier this month, having paid an undisclosed sum to buy Bangalore-headquartered peer City Synapse Information from its founders and shareholders.
NestAway manages properties on behalf of their owners and enables users of its application to rent a house and pay rent and other charges online.
The company’s portfolio comprises 11,000 premises and its software is used by more than 30,000 tenants.
It employs 450 people and posted revenue of USD 40.00 million for the year to 31st March 2017, according to Reuters.
Other home rental technology companies to have been targeted during 2017 to date include UK-based OpenRent, which operates a property leasing platform and received a USD 5.40 million funding round from Global Founders Capital Management in March.
In addition, Spain Holiday Online Rentals bought UK holiday home rental application provider the Breaks Company for an unknown consideration.
According to Zephyr, the M&A database published by Bureau van Dijk, the largest funding round of 2017 to date was announced in March, when Sino-IC Capital committed to invest no more than CNY 50.00 billion (USD 7.28 billion) in Chinese semiconductor maker Tsinghua Unigroup.
© Zephus Ltd