• Number ofNestAway homes have increased by 80% in the last three months
• NestAway witnesses a 70% occupancy rate, of which 65% is from family homes and 78% from shared homes
Bengaluru, 28 November 2018: NestAway Technologies, India’s largest home rental company, celebrated the expansion of their family in their hometown – Bengaluru. NestAway currently has 14,000 homes in Bengaluru marking a growth of 80% in the last 3 months in the city. The occupancy rate of 70% in Bengafuru showcases the wide acceptance of NestAway homes in the market.
”Bengaluru is very close to our heart and we are proud to call it our home. I am extremely thrilled to see the wide acceptance that the city has given to us. At NestAway, we try to build a social infrastructure to include all stakeholders of the home rental market – owners, tenants and intermediaries, or as we call them Affiliate partners, where we all work together as a family to provide homes for young India. We are excited fo see our family growing not only in numbers, but also the bond we share,” said Amarendra Sahu, CEO & Co-Founder, NestAway Technologies Pvt Ltd.
NestAway helps the owners with all the owner-related activities, like tenant verification, house maintenance, additional to the insurance cover up to Rs. 1 crore against accidental damage. Sunil Kumar, a small business entrepreneur from Bangalore has rented 4 houses with NestAway. Speaking about his experience, he said, “When we decided to rent out our home, we wanted someone who will look after it like theirs, and of course pay the rent on-time, and that has always been a big challenge. But with NestAway, I receive my rent on-time and since they take care of our house’s maintenance also, we have nothing to worry about.”
Having undergone the nightmarish-house hunting experience, NestAway co-founders knew from the beginning what their business was – to provide a home, away from home for the country’s youth without any discrimination, so that they can chase their dreams. NestAway home come in with just 2 months’ security deposit with zero brokerage fees and rents start from as low as Rs. 5000/- a month. They provide furnished and unfurnished homes with 24/7 customer care team. NestAway has around 3,000 single women staying in their homes in the city, hence safety & security is their utmost concern.
Smruti Rajan Mohapatra, who calls NestAway his home said, “When I moved to Bangalore from Orlssa, the city, language food, everything was new to me. After going through an excruciating interview process with house owners about my lifestyle, food habits, family details etc., I had to pay a very high brokerage fee. But with NestAway, all that mattered was if I felt at home – the entire process was hassle-free. I am happy that I found my own home, away from home in NestAway.”
NestAway includes intermediaries, in their ecosystem and calls them their Affiliate Partners. They help in house hunting, legal documentation needs, property insurance requirements, maintenance, and logistics’. From homemakers to professionals, these affiliate partners come from diverse backgrounds. They are incentivized with Royal Enfield Motorbikes and even gold coins, apart from their commission.
Anil Kumar who was a cab driver before, joined NestAway’s Affiliate Partners network in July 2015 and has on-boarded more than 500 homes till now. With 10 technicians working with him round-the-clock, Anil has taken up the responsibility to handle service and maintenance requests for homes in Bannerghatta Road, Kengeri, Jayanagar, Banashankari and complete South West zone. “After joining NestAway, I have become more stable economically and I am able to provide all my family needs without any worry. I proudly call myself an entrepreneur now, thanks to NestAway” he said speaking about his experience with NestAway.
“Our owners, tenants and Affiliate Partners are the reason that we are here today, and I would like to thank each one of them for the trust they have upon us. It is our goal to address all their concerns, and make sure that our partnership with them is fruitful. We are looking forward to celebrating more milestones like this – together as a family/’ said Ismail Khan, Senior Vice President of Operations, NestAway Technologies Pvt Ltd.
NestAway Technologies was started in 2015, and has more than 55,000 tenants and 25,000 homes in their network. NestAway till date has raised $94.2 million in funding by investors such as Tiger Global, IDG Ventures, Ratan Tata, Yuri Milner, and Goldman Sachs. With the acquisition of Zenify in May last year NestAway also entered the family rental solution business. NestAway has its presence in eight cities Bengaluru, New Delhi, Noida, Gurgaon, Pune, Hyderabad, Ghaziabad and Mumbai and are planning to launch in ten other cities including Mysore and Chennai soon.
City Today News
(Tj vision media)