NestAway is a concept. It's a solution. It's fixing something that’s grossly wrong. Well, It's all the three. It's a new concept for home owners. It's a solution for tenants & its fixing the youth housing crisis in cities. Founded in 2015, NestAway caters to individuals looking for affordable rental housing in the top 10 cities in India. NestAway is headquartered at Karnataka. NestAway homes are present across areas including Bangalore, Delhi, Faridabad, Ghaziabad, Greater Noida, Gurgaon, Hyderabad, Noida, Mumbai and Pune
NestAway helps you find, book & move-in to a rental home of choice across Indian cities - all from within an App. NestAway also helps you move-in, ask for services from tap leakage to door lock broken, pay your rent & finally move-out - again all within an App. Here is list of other startups providing co-living spaces for students and professionals.
NestAway - Founders
The company was founded by Amarendra Sahu, Smruti Parida, Deepak Dhar and Jitendra Jagadev, as an aggregator of shared, furnished apartments for bachelors, before adding full homes for families.
Amrendra is a computer science engineer from NIT Suratkal and also an MBA from IIM-B. All the co-founders are NIT graduates.
NestAway- The Idea
When Amarendra Sahu came to Bangalore in 2004, he had trouble finding a house to rent. Unmarried people are not the house owners’ first choice, and rent in decent localities is not always known to be reasonable.
Amarendra wanted to solve this problem and went about setting up NestAway with the help of friends. In June 2014, his friend Jithendra Jagadev’s house in Whitefield became the site of an experiment. Amarendra recollects:
We took furnishing from Furlenco, took some pictures of the house, and posted it on Facebook. There were four beds in the 2 BHK – all sold in a day. Out of the seven girls who came to visit, six wanted it and four got it.
That was the inception for NestAway that established itself in a surprisingly short time.
NestAway - Challenges Faced
One of the major challenges faced by NestAway was finding the right investors for their start-up because NestAway was the first business in this arena and so the investors were sceptical. But they are now one of the highest funded startups.
NestAway- Product and Services
NestAway is India's fastest growing "Home Rental Network" attempting to provide better rental solutions via design and technology. It offers ready-to-walk in homes and provides rentals based on the requirement of the tenant—a bed, a room or a complete house. NestAway turns unbranded, unfurnished houses into fully furnished and managed apartments and provides them at affordable prices to verified tenants.
NestAway is also planning to introduce ‘Smart Homes’ by launching the Smart Lock service for all homes. Smart Lock is a safety locking system that will ensure security for people staying in NestAway homes and especially for women. This service will be available on NestAway app on both Android & iOS devices.
Another area of focus for NestAway will be student housing. With 10.4 million migrant student population and only 6.1 million beds as the current official supply, there is an increase in demand for student housing that is growing day by day. Cashing in on this opportunity, NestAway, is strongly focusing on student housing and aims to start operations with Kota, Rajasthan followed by Delhi (North Campus) and Bangalore. NestAway is also looking at expanding PAN India and there are conversations across the country with progressive builders for exclusive properties year marked for students.
One of the focus for the brand is also the concept of co-living, wherein NestAway takes up the entire building including the shared facilities such as gym, libraries, common areas, game room, among others. Through this concept, NestAway is trying to create a community where the members can share common interests engage in yoga/salsa classes, have talk sessions from seasoned entrepreneurs/sportspersons and promote start-ups and collaboration among others.
NestAway - Partners
Nest away used Localitics, a real estate statistical data science platform that could not only predict where rental demand is going to grow, but also where India would most likely add the next new houses. Today, Localitics is used across all 10 cities in India where NestAway is present and churns out data to help us expand to the next set of cities.
NestAway - Growth
Currently, NestAway caters to over 35,000 tenants and 16,000 owners, including over 7,000 family owners.
About 40% of the new bookings now come from the family segment with the ratio being at 65:35 for shared versus family rental houses.
In Bengaluru, where typically rental advances are of 10 months, NestAway offers homes on two-month deposits. The company gets a monthly revenue of around Rs.7 crores now. It gets a share of 12.5% in each rental agreement. NestAway is currently doing over Rs. 6 crores a month in rentals.
NestAway - Business Model
NestAway is a one-stop service provider for tenants and house owners where neither has to pay any brokerage fee.
The company serves as a broker and property manager for home owners by helping find tenants, collect rent and manage the property over its lifetime in exchange for a percentage share of the rental stream.
Amarendra explains the model “You can rent just a room, or the whole house. Our area manager will arrange the visit according to your preference. Once you are satisfied with the house, you can book it online. If you stay in the house for three days and don’t like it for any reason, we refund with full deposit.” He adds that their popularity grew mainly through word-of-mouth, with digital marketing spend in the early days being less than 10 percent of total expenses.
NestAway - Revenue Model
NestAway manages a homeowner’s rental property throughout the rental life cycle, from showing the house to a prospective tenant and closing the rental agreement to collecting rent on the owner’s behalf and assisting the tenant and owner during move-out. The company charges a small percentage of the monthly rent it generates from the house as commission.
NestAway- Acquisition and Mergers
NestAway acquired their smaller rival Zenify (City Synapse Information Pvt. Ltd) for an undisclosed amount, a move that will help NestAway expand its offerings for families
NestAway has raised more than $94 million from investors including Goldman Sachs, Tiger Global Management and Ratan Tata.
UC-RNT Fund, a joint venture between Ratan Tata’s RNT Associates and the University of California, also participated in series - D.
In 2016, NestAway raised $30 million in series C from Tiger Global, Russian billionaire and entrepreneur Yuri Milner and IDG Ventures India. The company has also raised about $5-6 million in venture debt from InnoVen Capital.
NestAway competes with other property listing portal NoBroker, Zolostays, StayAbode and others.
Check Out the full list of startups providing co-living spaces for students and professionals.
NestAway - Contact
1546 & 1547, 19th Main Road, Sector 1, HSR layout, Bengaluru, Karnataka, India 560102
NestAway Number : +91 8904242424
Nest Away Email : firstname.lastname@example.org