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Nestaway launches co-living space vertical; to invest $10 million

The company plans to expand to Indore, Manipal, Chandigarh, Vizag, Lucknow, Ahmedabad, Cochin, Goa and Vellore.

Vandana Ramnani @vandanaramnani1

Nestaway Technologies, a managed home rental network, on September 19 announced the launch of its co-living segment The Hello World.

Nestaway plans to invest $10 million in the project.

The Bengaluru-based firm has set up the subsidiary to cater to both students and professionals. The firm has a presence in 15 cities with a capacity of 10,000 beds and plans to launch in nine more cities across the country and has set a target of 50,000 beds by the end of this fiscal.

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"We are entering into this business and have presence in 15 cities with a capacity of 10,000 beds," said Jitendra Jagadev, founder, The Hello World.

The 15 cities include Bengaluru, Hyderabad Delhi/NCR, Pune, Kota and Dehradun.

The nine cities where the company plans to expand are Indore, Manipal, Chandigarh, Vizag, Lucknow, Ahmedabad, Cochin, Goa and Vellore, he said.

Asked about investment, Jagadev said: "We will be investing around 10 million dollars this financial year on this new business."

The company will charge just one-month rent as security deposit and zero brokerage fee from its customers.

Founded in 2015, NestAway caters to individuals looking for affordable rental housing in the top cities in India. The company, through the acquisition of Zenify in May 2017, has also entered the family rental solution business. Nestway has raised around $100 million to expand its business.

“It’s important for urban migrants to find a sense of belonging in a new city and a place to call home. Hence, our key focus will always be to provide emotional safety to our customers while encouraging community living,” he added.

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First Published on Sep 19, 2019 02:43 pm
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