Online home rental startup NestAway has acquired its smaller rival Zenify, a home aggregator and rental management startup for an undisclosed amount in an all-stock deal.
However, post-acquisition, Zenify will continue to work as a private company. This acquisition will help Nestaway to expand their family in the industry by providing home rentals. According to the sources, the deal worth will be the amount of $10 Million.
About the Startups:
Nestaway is a Bangalore-Based startup was founded in January 2015, by Amarendra Sahu and Jitendra Jagdev. Nestaway claims to be India’s largest Home Rental network. It helps people discover, rent and manage fully-furnished homes. They solve both trust & discovery problems abound in the Indian home rental market and it’s the first one to do so.
The equity funding of Nestaway is about $42.3 Million. The startup is backed by investors from IDG Ventures, Tiger Global Management, Flipkart, InMobi, Ratan Tata and Yuri Milner.
Commenting on the acquisition Amarendra Sahu, co-founder and chief executive at NestAway, said: “The current acquisition will add 4,000 homes to NestAway’s family rentals business. Zenify will continue to operate as a separate brand under the NestAway umbrella and we will do some cross-linkages in terms of inventory on the family rentals business. Zenify will not list any shared properties. Going forward we will figure out what is working on each of the platforms and think about merging or not.”
Also, read Quikr has acquired home servicing startup Zimmber.
Zenify is also a Headquartered in Bangalore and was founded in 2012 by IIT Madras graduates – Sudarshan Purohit, Ankur Agarwal, and Kailash Rath. The tech startup that integrates analytics and design to offers free rental experiences to owners and tenants.
Zenify’s end-to-end property management technology has transformed what used to be a chaotic business into a hassle-free experience for both property owners and tenants.
Ankur Agarwal, co-founder at Zenify, said: “We are really happy and excited to be part of NestAway family. With coming together of the two biggest players in the real estate services segment, we will leap ahead of the competition.” Read more about Indian Startup Ecosystem.
Want to be a guest author? Register Here to share your business knowledge with our readers.