| Log in

Online marketplace for shared accommodation Nestaway raises $1.3M from IDG, others

16 March, 2015

Bangalore-based startup Nestaway Technologies Pvt Ltd, which runs a managed online marketplace for shared accommodation for singles under Nestaway, has raised about Rs 8 crore ($1.25 million) from IDG Ventures besides a string of angel investors including InMobi founder Naveen Tewari, as per a report in The Economic Times, citing a company executive.

An email query to the company and the investors for more information did not immediately elicit a response.

The newspaper report said the money raised will be used by the two-month old startup to launch operations in the Delhi National Capital Region and Pune.

Nestaway seeks to turn houses available for renting into fully-furnished and managed apartments and provide them to pre-verified tenants.

In effect it seeks to target singles, either working professionals or students, who already opt for such shared accommodation through an unorganised channel to share costs of rentals, especially in large cities.

For the property owner it gets involved with tenant sourcing, rent collection, maintenance of the house and even manages tenant move-out. The startup also offers free minor repairs and charges no separate brokerage for the property owner and claims its business model of targeting singles, generates 20-30 per cent higher rental income for the landlord/landlady.

Nestaway was founded by NIT Suratkal alumni Amarendra Sahu, Jitendra Jagadev, Smruti Parida and Deepak Dhar.

Sahu, a BTech in computer science who went on to do MBA from IIM Bangalore, had earlier co-founded television technology startup BrizzTV along with Jagadev. He had spent five years across Cisco, Juniper and Lucent in data networking and wireless.

His previous venture BrizzTV, a media-tech startup that brings web content onto the television screen without internet connectivity, is backed by Ojas Venture Partners.

(Edited by Joby Puthuparampil Johnson)


Leave Your Comment
Online marketplace for shared accommodation Nestaway raises $12M from Flipkart, Tiger Global

Online marketplace for shared accommodation Nestaway raises $12M from Flipkart, Tiger Global

Anuradha Verma 2 years ago
Bangalore-based Nestaway Technologies Pvt Ltd, which runs an online managed home...
Ratan Tata backs home rental marketplace Nestaway

Ratan Tata backs home rental marketplace Nestaway

Adith Charlie 2 years ago
Tata Sons’ chairman emeritus Ratan Tata has invested an undisclosed amount in...
Ratan Tata-backed NestAway buys home rental firm Zenify

Ratan Tata-backed NestAway buys home rental firm Zenify

Disha Sharma 7 months ago
Home rental startup NestAway has acquired rival Zenify.in for an undisclosed...
No Comments

Online marketplace for shared accommodation Nestaway raises $1.3M from IDG, others

Powered by WordPress.com VIP