The online home rental marketplace is focusing on student housing in Kota, New Delhi and Bengaluru
Bengaluru-based start-up NestAway Technologies, which offers online home rental booking via an app and website to students and professionals moving into a new city, plans to onboard one million tenants in the next five years. “We are striving hard to create an India where no city is a stranger and nobody is made to feel like an outsider. With that mission in mind, we are expanding multi-fold and plan to onboard one million tenants in the next five years,” said Jitendra Jagadev, COO and co-founder, NestAway Technologies.
The start-up has more than 36,000 tenants and 17,000 houses in their network. In recent past, NestAway has collaborated with several area partners to increase its presence in different cities. Currently, NestAway homes are present in Bengaluru, Hyderabad, Mumbai, Gurgaon, Noida, Faridabad, Ghaziabad, Delhi, among others.
According to company executives, with 10.4 million migrant students across the country and only 6.1 million beds available officially, demand for student housing is rising. Keeping this in mind, it is focusing on student housing and aims to start operations in Kota (Rajasthan), North Campus in Delhi and Bengaluru by July 2018.
Besides providing furnished homes, company executives said that NestAway was also planning to introduce the concept of ‘smart homes’ by launching the smart lock service for all homes. Smart lock will be a safety locking system for ensuring security for people staying in NestAway homes and especially for women.
NestAway has raised $94.2 million in funding from investors such as Tiger Global, IDG Ventures, Ratan Tata, Yuri Milner and Goldman Sachs till now.
After the acquisition of Zenify in May last year, it has also started focusing on family rentals. 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. NestAway is currently doing over `26 crore a month in rentals.
Jagadev said that NestAway is experimenting with the concept of co-living, wherein they take up the entire building including the shared facilities such as gym, libraries, common areas, game room, among others.
“Through this concept, we are 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,” said Jagadev.