Home rental start-up NestAway Technologies has acquired Bengaluru-based home aggregator and rental management company Zenify for an all-stock deal, according to industry sources.
Zenify will continue to operate as a separate entity after the acquisition. The companies did not disclose deal details.The deal values Zenify at $10 million
NestAway CEO, Amarendra Sahu 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. The 100-member team of Zenify will continue to work with the brand.”
Nestway was founded in 2015 by Sahu, Smruti Parida, Deepak Dhar and Jitendra Jagadev, started out as an aggregator of shared, furnished apartments for bachelor’s, before adding full homes for families. It claims to manage more than 10,000 homes in Bangalore, Delhi, Gurgaon, Noida, Ghaziabad, Hyderabad, Pune and Mumbai.
Nestway manages more than 10,000 homes in Bangalore, Delhi, Gurgaon, Noida, Ghaziabad, Hyderabad, Pune and Mumbai.
The company, backed by Tiger Global, Yuri Milner, and others, has raised $43 million so far and is in the market to raise a $30 million round.
NestAway manages a homeowner’s rental property throughout the rental life cycle, from showing the house to a prospective tenant and closing the rental agreement to collecting rent on the owner’s behalf and assisting the tenant and owner during move-out. The company charges a certain percentage of the monthly rent it generates from the house as commission.
“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,” said Ankur Agarwal, co-founder of Zenify to ET.
Home Rental Startup NestAway Acquires Rival Zenify
