Fosun and other Chinese investors in a plan to invest in Indian startup NestAway

Key Highlights

NestAway in talks with international conglomerate Fosun for its upcoming $100 Million funding round.

The startup has 39,600 tenants across 10 different major Indian cities.

Fosun has also invested in Kissht and Ixigo in India.

Bangalore based home rental startup NestAway Technologies Pvt. Ltd. is in talks with a basketful of prominent Chinese investors including international conglomerate Fosun for its upcoming $100 Million funding round. 

According to sources if Fosun decides to invest in NestAway then it would be investing through its Chinese fund, not Indian arm. Fosun Rz Capital, Fosun’s venture capital arm had earlier also taken interest in investing in Indian startups. Previously it had invested in Kissht, Mumbai based credit startup and Gurugram based travel booking platform Ixigo.

NestAway is a Bangaluru based startup founded in January 2015 by Smruti Parida, Jitendra Jayadav, Amrendra Sahu and Deepak Dhar. It offers an opportunity for folks to book and move to a new well furnished rental homes online across India. According to data furnished by startup, it has now 39,600 tenants across 10 different major Indian cities including Bengaluru, Delhi, Ghaziabad, Greater Noida, Gurugram, Mumbai, Pune, and Hyderabad.

On looking over to the previous investment startup has raised undisclosed amount from Epiq Capital, a Mumbai based technology-focused investment firm and in March last year startup has raised $51 Million from Goldman Sachs, UC-RNT fund and the University of California. In February 2016 Ratan Tata has invested an undisclosed amount in startup and in the same year, it has raised $30 Million from Tiger Global Russian billionaire Yuri Milner-backed fund Apoletto Asia, Sujeet Kumar, Flipkart official, and IDG Ventures, in April 2016. The startup is planning to onboard 1 Million tenants within 5 years. Several players involved in the same business are trying their best to be ahead in the market and attract more and more customers and generate wholesome revenue.

Last month, ZoloStays Property Solutions had raised $30 Mn in a Series B funding round led by existing investor Nexus Venture Partners, along with participation from IDFC Alternatives and Mirae Asset. The home rental business is taking high pace as Oyo has also entered into housing rental space with the launch of Oyo living in October last year. 

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