Goldman Sachs pumps $5 Mn into NestAway

Co-living and home rental platform NestAway has been in talks for a bigger round for the past 10-12 months. While the planning to close Series D round in the range of $150 million hasn't materialised yet, the firm is picking up risk capitals in small trances from new and existing investors.

In May, Tiger Global and Chiratae ventures had participated in Series D round with $10 million investment followed by UC RNT Fund, which had put in $5 million in the Bengaluru-based startup.

Now, another existing investor Goldman Sachs has pumped close to $5 million into the startup.

According to RoC filing with MCA, NestAway has allotted 18,882 Series CCPS at Rs 25,151.87 per share to Goldman Sachs, raising a total of Rs 34.92 crore.

The latest tranche would help NestAway to expand its offerings, especially newly launched separate co-living cum co-working brand - Hello World.

Lately, the competition for NestAway has become more intense following the foray of OYO, hotel chain Lemon Tree and realty firm Embassy Group into the co-living segment.

Besides, numerous startups such as CoHo and Zolstays, StayAbode among others also compete with NestAway.

While the startups above are far behind NestAway in terms of capital raised and onboarding marquee investors, the entry of hotel chains, realty firm and billion-dollar valued OYO in this space are concerns for Amrendra Sahu-led company.

Co-living and co-working are highly unorganised market and create a massive opportunity across major cities such as Bengaluru, Pune, NCR, Hyderabad, and Chennai. According to a Prop Tiger report, the co-living spaces have the potential to become a $93 billion industry.

Recently, Nestway’s co-founder and CXO, Deepak Dhar, had decided to end his journey at the home rental portal to start his own fintech business.