Home rental startup NestAway Technologies Pvt. Ltd Thursday said it has acquired apartment management platform ApnaComplex to expand its property management business. The company did not disclose financial details of the deal.
NestAway plans to use the acquisition to expand its home services such as painting, pest control and deep cleaning to residents registered with the ApnaComplex platform.
ApnaComplex, founded in 2010, offers apartment residents a platform primarily to help settle bills, raise complaints, book common facilities and organize public events.
This is Nestaway’s second acquisition since its launch in 2015. In 2017, it had acquired its smaller rival Zenify (City Synapse Information Pvt. Ltd) for an undisclosed amount to expand into the family housing segment.
“Our association with ApnaComplex will enable the residents of these societies (in ApnaComplex) to not only 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 including painting, pest control or deep cleaning at fraction of the market rate that NestAway has been delivering in its network. And their national scale will help us reach a much larger audience in not just Bengaluru, but across India as well," said Amarendra Sahu, chief executive of Nestaway.
With this acquisition, 20,000 societies registered on ApnaComplex, spread across over 80 cities, will get access to Nestaway’s services. ApnaComplex will retain its brand and will continue to operate independently after the acquisition and will continue to focus on its core segment of apartment societies.
“We are committed to making a positive impact in all aspects of an apartment resident’s life, from hassle-free maintenance payments to healthy living. Associating with Nestaway will not only enable us to enhance our platform at a much faster rate but together, we can create a strong and trusted ecosystem for owners and residents of apartment societies," Raja Sekhar Kommu, chief executive of ApnaComplex said.
Co-founded by Sahu, Deepak Dhar, Jitendra Jagadev and Smruti Parida in 2015, Nestaway has so far raised around $110 million from investors such as Tiger Global, Epiq Capital, Goldman Sachs and Chiratae Ventures.
Dhar quit the startup to set up his own venture, Mint reported in July 2019.
Nestaway competes with several other similar brands such as Nexus Venture Partners-backed Zolo Stays, and Oyo which also offers shared housing under the OYO Life brand.