TMT
By
NestAway adds society solutions twig with ApnaComplex purchase
Photo Credit: Pixabay

Home rental network platform NestAway Technologies Pvt. Ltd has acquired ApnaComplex, a startup focusing on apartment management and security solutions.

Interestingly, NestAway’s biggest competitor General Atlantic-backed NoBroker announced earlier this week that it had acquired property operations platform Society Connect for assimilation into its community management service, NoBrokerHood. 

NestAway’s purchase ApnaComplex, operated by Eukleia Technologies Pvt. Ltd and set up in 2010, manages over 20,000 societies across more than 80 cities including Bengaluru, Mumbai and Hyderabad besides the National Capital Region.

Bengaluru-based ApnaComplex will continue to operate as an independent entity and will keep up focus on its core apartment society management segment, NestAway said. The value of the acquisition was not disclosed.

The acquisition is in line with NestAway’s strategy of bringing convenience to owners of and residents in gated communities around the country. The move will allow both companies to synergise their product offerings, giving better value to their target customers.

“Our association with ApnaComplex will enable the residents of these societies to not only access an easy, seamless and trustworthy way to rent their apartments to families, but also get better offers in a range of high-value home services,” NestAway co-founder and chief executive Amarendra Sahu said.

ApnaComplex co-founder and chief executive Raja Sekhar Kommu said the move would help it enhance its platform and create an overall ecosystem for apartment societies. The startup offers different plans for customers. Some of its services include society data management, apartment security, community collaboration, society accounting and facility management.

NestAway was set up in 2015 by Sahu, Deepak Dhar, Smruti Parida and Jitendra Jagadev. It currently manages over 1.5 lakh units in its network, and has a presence in 15 cities, including major metros such as Bengaluru, New Delhi, and Mumbai.

In March 2018, it raised $51 million (Rs 332.5 crore) in a Series D round of funding led by Goldman Sachs and UC-RNT Fund. IDG Ventures (now Chiratae Ventures) and Tiger Global also participated in that latest round. Before that, in April 2016, it raised $30 million (around 200 crore) in a Series C round led by Tiger Global, Russian billionaire Yuri Milner and IDG Ventures.

Leave Your Comment(s)