Amarendra Sahu Files FIR Against Investors of NestAway
Amarendra Sahu, the co-founder of the home rental platform NestAway, has filed a First Information Report (FIR) against several investors, including Tiger Global, Goldman Sachs, and Chirate Ventures, along with fellow co-founders Jitendra Jagadev and Smruti Parida.
Details of the FIR
The FIR references multiple sections of the Indian Penal Code, including:
- 420 – Cheating and dishonesty
- 467 – Forgery
- 468 – Forgery with intent to cheat
- 471 – Using a forged document as genuine
- 506 – Criminal intimidation
- 120B – Criminal conspiracy
In his complaint, Sahu alleges that his signatures, as a director of NestAway, were fraudulently utilised to facilitate the sale of the company for ₹90 crore to the proptech company Aurum on June 28, 2023. Notably, he had resigned from his directorship just days earlier, on June 19, 2023.
Impact of the Acquisition
Post-acquisition, NestAway’s valuation dramatically decreased by 95%. The company had raised a total of $110 million in funding throughout its operations.
Allegations Against Lead Investors
Sahu’s complaint further accuses lead investors, including Tiger Global, Goldman Sachs, and Chirate Ventures, of assuring him via emails, WhatsApp communications, and phone calls that he would receive an additional ₹11.72 crore beyond the value of his 5% stake. However, this assurance was reportedly denied after the transaction concluded.
The FIR specifies that Sahu is owed:
- ₹4.8 crore from Tiger Global
- ₹2.8 crore from Chiratae and affiliates
- ₹2.04 crore from Goldman Sachs
- ₹1.81 crore from UC RNT
- ₹0.89 crore from Schroders Adveq
Sahu’s FIR states, “Believing their words and looking at their stature, I innocently agreed and completed all the work of selling the company.”
Legal Proceedings
According to reports, the Orissa High Court is currently reviewing petitions linked to this issue and is scheduled to reassess the matter on January 9.
In response to the allegations, co-founder Jagadev, who faces similar accusations, highlighted that Sahu raised these concerns at the NCLT in Bengaluru, but they were dismissed. He commented, “It appears he is using the legal process to harass and apply undue pressure on these repeated investors.”
About NestAway
Founded in 2015, NestAway is a technology-driven platform designed to facilitate the real estate market by simplifying rental transactions and related services. Leveraging technology and data, it optimises various processes, including:
- Property searches
- Visit scheduling
- Rent payments
- Service requests