Bengaluru-based home rental startup NestAway losses increased by 163 per cent in the financial year 2016-17 as compared to previous fiscal. It has posted a loss of Rs 97.2 crore in FY 2016-17, Rs 60 crore up from the previous fiscal, reveals RoC filings.
The company had incurred a total loss of Rs 37.2 crore in FY 2015-16. Meanwhile, the company’s revenue registered a massive growth of 533 per cent, and reached to Rs 36.51 crore from 5.76 crore in the previous fiscal.
The massive growth in revenue is largely propelled by its expansion in seven cities while losses soared as it invested in acquiring properties and sprucing up infrastructure.
Importantly, it has increased managerial remuneration by 90 per cent in FY 2016-17 as compared to previous one. It’s paying Rs 1.19 crore for the same.
Earlier this month, NestAway had raised $50 million from UC-RNT, Tiger Global and IDG Ventures India. So far, the company had amassed over $83 million in total risk capital.
NestAway manages the end-to-end requirements of a rental property throughout its rental life cycle. The company charges a small percentage (10-12%) of monthly rent it generates from the house as commission.
At present, NestAway operates 15,000 properties across eight cities on its platform. It introduced One by NestAway, which facilitates private and shared accommodation including utility services and maintenance.
Founded by Amarendra Sahu, Smruti Parida, Deepak Dhar, and Jitendra Jagadev, NestAway had acquired residential rental management company Zenify for an undisclosed amount in May this year.
The company competes with Simplyguest, Homigo, Zocalo, Gurugram-based Fella Homes amongst others.
