NestAway, a startup which offers a youth-focused online platform for renting affordable housing, has secured a $1.3 Million round from IDG Ventures and advertising platform InMobi’s Naveen Tewari. (via ET). With fresh capital in it pockets, the company is now looking to expand to Delhi and Pune.
Founded barely two months ago by Amarendra Sahu, Jitendra Jagadev, Smruti Parida and Deepak Dhar, the company has built a home rental marketplace and uses technology to provide better solution for shared home rentals to singles who are either professional or student.
However, Unlike other online real-estate and rental platforms, which just suggest you places, Nestaway has a rather unique concept at work. The startup transforms an unfurnished home available for renting into a fully furnished home. It then puts the home up for sale on its website at affordable price points and on a shared renting basis.
And its not just affordable housing, Nestaway also offers you home maintenance support, in the most convenient of ways. A tap not working, or cable got disconnected ? You can simply tap into Nestaway’s app and book your complaint.
For the property owner, the firm gets involved in matters like tenant sourcing, rent collection, maintenance, and move-out. It does not charge separate brokerage fee to the property owner.
Amarendra Sahu, CEO of NestAway says,
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’.
And Sahu is indeed quite right in his conclusions. It has become increasingly difficult for young, college-goers or fresh graduates to find a liveable place, largely because of the unsafe environment of most Indian cities these days.
Nestaway currently offers services only in a select Bangalore neighbourhoods, but plans to expand to other major tech-hubs, like Delhi (NCR) and Pune.