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2015-03-16

InMobi founder Naveen Tewari and IDG Ventures invests in home rentals portal Nestaway Technologies

NestAway currently operates in Bangalore and will be launching in NCR and Pune soon.

IDG Ventures India, InMobi founder Naveen Tewari and angel investors have invested in Home Rentals Portal Nestaway Technologies.

Nestaway is "managed home rental" marketplace attempting to provide better rental solutions via design and technology to singles in the cities. It turns unbranded, unfurnished houses into fully furnished and managed apartments and provides them at affordable prices to pre-verified tenants.

“It’s a win-win solution for both owners & tenants.  House owners get 30 to 40 per cent more rental income from their homes as well as assistance in managing it. For tenants, NestAway is their one-stop shop to find a homely and comfortable accommodation shared with like-minded individuals,” said the press statement.

NestAway currently operates in Bangalore and will be launching in NCR and Pune soon.

NestAwayis founded by Amarendra Sahu, Jitendra Jagadev, SmrutiParida& Deepak Dhar. Amar & Jitendra are founders of BrizzTV - a TV tech start-up whereas Smruti founded Sen6 - an art market place. Deepak was head of operations with Citrus Payments. The founders studied together at NIT Suratkal and come with strong technology, startup and operating experience. Amarendra, CEO, is an alumnus of IIM Bangalore.

Naveen Tewari, founder, InMobi, said, “Nestaway is a disruptive product creating a win-win opportunity not just for direct stakeholders - owners and tenants but for the society at large by making cities safer especially for young women - a problem that needs immediate intervention. It also contributes to to the long term growth of real estate market in cities by improving yields. Its indeed a unicorn opportunity.”

Karthik Prabhakar, IDG Ventures India Advisors, said, “NestAway offers a full-stack solution to both house owners and tenants with a single face to both stakeholders, leveraging the existing strong unorganized broker market. With internal migrants accounting for a third of India’s overall population, there is a large need for affordable and reliable rental housing in the country. The top 10 states in the country account for more than 75 per cent of the urban housing shortage and hence an acute need for rental housing. On the other hand, there is a large supply of houses owned by NRIs or others who live in a different city and looking for reliable platforms who can take care of their asset while generating yield. NestAway takes care of the needs of both the sides of the network and is compliant with the Model Tenancy Act 2011 which is pending government enactment.”

Amarendra, Co-founder & CEO, said, “Our cities are growing increasingly unsafe. While all of us are to be blamed for it, unfortunately the singles - especially youth who come to a new city to start their career or search for a job are worst hit. We deny them the houses they deserve - because we think they are "a ticking time-bomb”. Our goal with NestAway is to help bridge this trust gap so that no city is a stranger."

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