Nestaway technologies, online home rental platform has acquired Zenify, Bangalore based home aggregator and rental management startup. The financials of this deal were not disclosed, however, sources close to the development suggested that this is an all-stock deal. After the acquisition, which values Zenify at ₹65 crores ($10 million), Zenify will continue to work as a separate brand in addition to to family rental business Nestaway had started in 2016.
Amarendra Sahu, CEO – Nestaway stated in a press release that the acquisition will add 4000 homes to the family rental business of Nestway. With some cross-linkages to the investors, Zenify will continue to work as a separate brand and after a complete analysis, the management will take decision on whether the platforms need to be merged or now. Also, the 100 member team of Zenify will continue to work under the same brand.
Nestaway has over 10,000 listed home properties across eight cities. It had started family rental business last year and has over 1000 properties in that category. Backed by the likes of Tiger Global and Yuri Milner, it has raised an estimate of ₹275 crores ($43 million) and is expecting to close another round of ₹200 crores ($30 million) soon. In an interview to ET a few months back, NestAway CEO had predicted a rental turnover of ₹250 crores from their properties across the country.
Talking of Zenify, it has raised ₹10 crores from a set of HNIs. Speaking on the development, CoFounder of Zenify, Ankur Agarwal stated his happiness on joining hands with NestAway and added that coming together of two big names will help them race ahead of the competition.
Home rental space in India has gathered a lot of momentum lately. Specially because of the fact that majority of the rental market is unstructured and ruled by the brokers and agents. For long, customers have been looking at a solution to lower their dependencies on the brokers and this very fact has given a tremendous response to the growing scene of home rental startups n India.