NestAway, the co-living, and home rental platform has kicked off its Series D round as was reported in November last year.
Six months ago, media reports surfaced outlining that NestAway was in talks to raise a $100 million dollar in the next round – Series D. This round also had the potential to reach $150 million figure.
It wasn’t conveyed who was the company in talks with to raise this huge round, but now the first round of talks have been finalised and the cat is out of the bag.
Tiger Global is co-leading the first tranche of this round with a Rs 34.93 crore worth investment, reveals the company’s RoC filings with Ministry of Corporate Affairs. Investing via Internet Fund III, the VC has picked up 13,882 Series D1 CCPS worth Rs 25,161.87 each.
In yet another funding report this day, Chiratae Venture is co-leading an investment tranche in RentoMojo. There with Accel and in NestAway with Tiger Global. The VC is investing Rs 23.75 crore (9,440 CCPS) via its IDG Venture Fund and Rs 11.18 crore (4,442 CCPS) via the Chiratae Trust fund.
Total this tranche is worth Rs 69.86 crore (approx $10 million).
NestAway’s last round had come from Goldman Sachs, University of California and RNT Associates (Ratan Tata’s investment arm). The Series C round was worth around $51 million (Rs 330 crore) and was received in December 2017.
For a company competing with the likes of CoHo, Stanza Living, FlatFurnish, IndiaProperty, and now OYO Living, raising a round had become crucial to keep its dominance in the co-living and home rental domain.
Despite the entry of multiple players in the segment, NestAway enjoys a greater advantage of raising a larger fund to keep up with this competition. The major threat here comes from deep-pocketed OYO that is rapidly expanding its presence over the world.
Meanwhile, continuing its investment spree in India Tiger Global is reportedly to pump $80-90 million and $20-30 million investment in Moglix and Upstox respectively.
Upstox is a Zerodha kind of trading platform for retail investors while Moglix is B2B platform for procuring industrial and business supplies
This goes on to show not only the bullish take of these firms on investment in Indian tech startups, but also the rising investment and VC activity in the country. How well this works for startups like NestAway, Rentomojo, Moglix, Upstocks, and others in their upcoming rounds remains to be seen.
