Home rentals startup NestAway is in talks to raise about USD 50mn in the next few months to scale up operations and invest heavily in services for tenants based on Internet of Things (IoT) solutions.
These services could include IoT-based home cleaners and drones that could fly on behalf of potential tenants to shortlist properties.
Founded in 2015, the company has so far raised over USD 40 million in funding from investors including Tiger Global, Russian billionaire and founder of DST Global Yuri Milner, and Tata Sons chairman emeritus Ratan Tata. The existing investors, along with the new ones, are also expected to participate in the new funding round.
For FY16, NestAway recorded losses of Rs 37 crore on revenues of Rs 5.8 crore.
The Bangalore-based startup provides a listing of available accommodations for rent across major cities. NestAway’s efforts to use augmented reality and drones could simplify lives of potential tenants who have to visit multiple properties before they can shortlist one.
If the tenants can accurately gauge the house and its surrounding with technological capabilities, it will cut down the inconvenience of visiting each and every house, at least in the short listing phase.