Nestaway launches family rentals service

Firm offers on-line booking of houses and gives a 3-day free refund if the tenant doesn't like the house; also guarantees on-time payment of rent to house owners

The managed home rentals network, Nestaway, today announced the launch of the family rentals option following its maiden offering in youth home rentals targeting the bachelors across Bangalore, NCR, Hyderabad and Pune.

The rental start-up offers on-line booking of houses besides giving a 3-day free refund if the tenant does not like the house while guaranteeing on-time payment of rent to the house owners.

The company claimed that so far it has gained about 2,500 owners and 10,000 tenants in these cities while earning a revenue of Rs 6 crore in the last financial year.

Amarendra Sahu, co-founder and chief executive officer of Nestaway said besides launching the family rentals service they would be expanding their service offering to Chennai and Mumbai cities soon.

Founded in January 2015 by NIT Suratkal alumni, Nestaway initially raised $ 1.25 million from IDG Ventures and angels including InMobi founder Naveen Tewari. Thereafter it has raised $12 million in Series-A funding from Tiger Global and Flipkart. Recently Ratan Tata has also invested an undisclosed amount in Nestaway.