A startup raises around $110 million from marquee backers, gets valued at close to $220 million, and then eventually gets sold at $11 million! Well, that's the story of NestAway. Did the pandemic kill the home rental startup or was it a victim of the funding winter? Or is there something else?
March 2018, Bengaluru. Four young birds of the same feather were busy building their dream nest. Started in 2015 by Amarendra Sahu, Deepak Dhar, Jitendra Jagadev and Smruti Parida, NestAway had a flying start. From an operating revenue of Rs5.76 crore in fiscal year 2016, the home rental startup leapfrogged to Rs36.51 crore in FY17. Observers and industry analysts called it beginner’s luck. And they were not too off the mark. The next year, Tiger Global-backed startup had a sedate growth, with a top line of Rs46.98 crore in FY18.