UC-RNT, an investment fund established by University of California and Ratan Tata, has contributed to a funding round for NestAway, whose shareholders already include Flipkart.
NestAway, an India-based accommodation rental platform backed by e-commerce firm Flipkart, has received $50m in funding from investors including investment fund UC-RNT, Times of India reported today, citing unnamed sources.
IDG Ventures India and Tiger Global Management also participated in the round, which valued NestAway at $180m to $200m post-money. UC-RNT was launched in August 2016 by University of California and Ratan Tata, chairman emeritus of conglomerate Tata Sons.
The round could be extended to as much as $80m, according to one of the Times’ sources, who said conglomerate Fosun was also interested in joining the round.
Founded in 2015, NestAway operates an online marketplace that homeowners can use to rent their property to other users.
The company currently has 15,000 properties under management across eight cities, acting on behalf of landlords, overseeing rent collecting and organising viewings.
NestAway takes a 10% to 12% commission on monthly rent, but does not charge a brokerage fee on top of that fee. The company has also introduced a package called One, which includes the provision of utility services and maintenance.
Tiger Global Management and private investor Yuri Milner previously co-led a $30m series C round for NestAway in April 2016 that included IDG Ventures India and Sujeet Kumar, former president of operations at Flipkart.
Ratan Tata had invested an undisclosed sum in the company July 2015, the same month it raised $12m in series A funding from Flipkart and Tiger Global, after IDG Ventures India and angel investor Naveen Tewari had invested $1.3m four months earlier.
– This article first appeared on our sister site, Global Corporate Venturing.
