NestAway funded by InMobi promoter Naveen Tewari and IDG Ventures. The startup focuses on affordable house renting.
NestAway works on concept of managed home rental marketplace, with the help of technology to provide better rental solutions to singles in the cities. An unfurnished house into fully furnished and managed apartments provides them at affordable prices to pre verified tenants.
NestAway provides complete solutions such as tenant sourcing, rent collection to tenant move out. They also assist property owners in the services of Legal Agreement, Rent Collection, Security Deposit, Exit Inspection, Home Repair and Furnishing Assistance. Apart from these services they also provide Free Monthly Services like complete home cleaning, electrical and plumbing fittings check and free relocation to any house in their network.
The startup was founded in January 2015 by NIT Suratkal alumnus Amarendra Sahu, Jitendra Jagadev, Smruti Ranjan Parida and Deepak Dhar.
Amarendra Sahu co founder of NestAway has rich professional and educational experiences. He did his graduation in Bachelor of Technology in Computer Science from National Institute of Technology, Karnataka. He was ranked 4th in Computer Science for his batch. Later he did his Master in Business Administration in Finance, Economics and Social Science from Indian Institute of Management, Bangalore. In 2011 he was awarded as Innovator from IIMB Alumni Association.
Amarendra started his career as Software engineer from Alcatel Lucent in July 2004. He worked there for 2 years and joined Juniper Networks. He was with Juniper for almost 2 years and joined CISCO as Senior Software engineer for brief stint of a year.
Meanwhile in 2009 he co founded Brizz TV Media Labs P Ltd. The company developed and deployed world’s first cloud connected content delivery platform over television network with Airtel Digital TV. The speciality of the platform is that it works on televisions that are not connected to internet. Apart for brief stint as a summer associate with Avendus Advisors.
Jitendra Jagadev is another co founder of NestAway Technologies P Ltd. He has graduated from National Institute of Technology, Suratkal, Karnataka in Bachelor of Technology in Computer Sciences.
In 2004 he started his career as Senior Software Engineer in Philips Consumer Electronics. He worked with Philips for 3.5 years and moved to CISCO Systems as Software Engineer in Core Routing BU in 2008. Prior Co Founding NestAway Technologies, he co founded Brizz TV Media Labs along with Amarendra Sahu in Jun 2010.
Smruti Ranjan Parida is co founder of NestAway. Like other co founder of NestAway he was graduated in Bachelor of Technology in Information Technology from National Institute of Technology, Suratkal, Karnataka.
He started his career as Senior Software Engineer in United Online where he worked in the company for 2.5 years and moved Microsoft. He worked in Microsoft Software Design Engineer in Test 2. He was part of Bing Team and assisted in data mining tasks. He left Microsoft as Program Manager -2.
Prior to co founding NestAway, in 2010 he co founded Zero Heights Technologies P Ltd. He built platform for photographers to execute artistic projects to communicate with client or agencies.
The Bengaluru based startup company received seed capital of $1.3 million from IDG Ventures and InMobi’s Naveen Tewari. The funds will be utilised for expansion in National Capital Region of Delhi and Pune.
“NestAway is a disruptive product creating a win-win opportunity not just for direct stakeholders like owners and tenants but for the society at large by making cities safer especially for young women. It (NestAway) also contributes to the long-term growth of real estate market in cities by improving yields. It’s indeed a unicorn opportunity,” said Naveen Tewari of InMobi after funding the company.
“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’.” Said Amarendra Sahu, NestAway’s Co Founder.
Of late the online real estate segment is witnessing lot of funding activity. Another peer to peer online property listing site NoBroker raised $3 million of Series ‘A’ funding from SAIF Partners and Fulcrum Capital. Commonfloor raised Rs. 60.35 Cr from Google Capital. News Corporation has picked up 25% stake in PropTiger.com, online real estate portal.
Due to higher penetration of smartphone the advertisement spending on real estate industry is set to grow nearly $16 billion, an increase of 210% compared to 2009 figures.