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Home rental platform NestAway’s co-founder Amarendra Sahu sues VC investors,co-founders

Business Standard  

Amarendra Sahu, the co-founder and former CEO of Bengaluru-based home rental platform NestAway, has initiated a criminal case against the startup's investors Tiger Global, Goldman Sachs and Chiratae Ventures, as well as his fellow co-founders Jitendra Jagadev and Smruti Parida.Sahu has filed a First Information Report (FIR) with the Economic Offences Wing (EOW) of Bhubaneswar Police in Odisha. The complaint accuses the investors and the company’s other co-founders of fraud, cheating, document forgery, and criminal intimidation. The Orissa High Court has been hearing petitions related to the case since December 10, 2024. It is scheduled to review the case again on January 9.Sahu’s complaint alleges that his signature as a company director was illegally used to finalise NestAway’s INR 90 crore sale to proptech firm Aurum on June 28, 2023, as part of which, its valuation was reduced by 95%. The company, set up in 2015, had raised a total of USD 116 million in funding over the years.