India-based home rental startup NestAway Technologies Pvt Ltd has been acquired by Aurum PropTech, a Mumbai-headquartered public company.
According to Aurum’s disclosure to the bourse, the company was purchased for INR900 million ($10.9 million U.S.) — a significantly lower figure than NestAway’s last-known valuation of $220 million.
NestAway witnessed a dramatic decline in its valuation after the pandemic outbreak, as demand plummeted. Aurum noted that NestAway listed 50,000 properties before the pandemic but that this figure now stood at 18,000, with annual revenue of $3.6 million.
In May 2019, NestAway raised about $10 million as part of its Series D funding round from Tiger Global and Chiratae Ventures. Investors in its previous rounds included Sequoia Capital and Goldman Sachs.
Aurum had previously acquired NestAway’s coliving vertical — HelloWorld — in July 2022.
Following the acquisition, NestAway will operate as a standalone, wholly owned subsidiary of Aurum, with the latter also announcing an additional cash infusion of over $3 million. NestAway co-founder Jitendra Jagadev will remain the company’s CEO.
“NestAway’s tech-driven revolution in the rental housing market is in perfect accord with our mission to revolutionize the residential rental industry in India. Under the leadership of Jitendra and Ismail [Ismail Khan, the company’s other co-founder, who is its chief business officer], we are confident that we can replicate the remarkable success of HelloWorld, taking NestAway to even greater heights,” said Ashish Deora, founder and CEO of Aurum Ventures.
Aurum PropTech was founded in 2015 following its demerger from Mastek.