Home rental firm NestAway acquires apartment management company ApnaComplex

Home rental firm NestAway acquires apartment management company ApnaComplex
Photo Credit: Pixabay
13 Feb, 2020

Goldman Sachs-backed home rental company NestAway has acquired apartment management solutions platform ApnaComplex. 

Financial details of the transaction were undisclosed. 

With the acquisition, NestAway said it will provide gated apartments on ApnaComplex home services through its network of vendors. In the long term, the company aims to have ApnaComplex users choose NestAway's services for home rentals, it said.

“Our association with ApnaComplex will enable the residents of these societies to not only (have) 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 (a) fraction of the market rate that NestAway has been delivering in its network,” Amarendra Sahu, CEO of the parent company NestAway Technologies, said in the statement.

Founded in 2010 by Raja Sekhar Kommu and Gokul Singh, Bengaluru headquartered ApnaComplex has a presence in 80 cities and 20,000 apartment societies. The bulk of its user base is spread across Bengaluru, Hyderabad, Delhi-NCR, Pune and Mumbai. 

The company competes with mobile-based security management solution myGate, which raised $56 million from Tencent Holdings and Tiger Global Management in October last year. 

The acquisition also helps NestAway grow its home rental segment, in addition to its shared accommodation offering. In September last year, NestAway floated Hello World, a co-living brand that operates and manages properties. 

The company saw top-level exits last year, with co-founders Smruti Parida and Deepak Dhar moving out to start their own ventures.