Home rental startup NestAway Technologies Pvt. Ltd has acquired apartment management platform ApnaComplex, to help expand its property management business. Nestaway didn’t disclose the financial details of the deal.
Nestaway will use the acquisition to expand its range of home services such as painting, pest control, and deep cleaning to apartment residents that are currently registered with the ApnaComplex platform, said a top executive.
ApnaComplex, a 10-year old startup, offers residents of buildings a platform, primarily to help them settle apartment bills, raise complaints, book common facilities and organize public events.
With this acquisition, Nestaway aims to expand its family rental business with access to over 500,000 homes spread across 30 cities that are on the ApnaComplex platform.
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 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 Bangalore, but across India as well,” said Amarendra Sahu, chief executive of Nestaway said.
ApnaComplex claims to be managing over 20,000 societies spread across 80 cities with a bulk of properties located in cities including, Bangalore, NCR, Mumbai, Pune, and Hyderabad.
ApnaComplex will retain its brand and continue to operate independently after the acquisition, both the companies said in a joint statement.
“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.