As per the National Apartment Association, property managers experience a normal 48% turnover rate in their rental properties. Landowners and property chiefs, hence, are persuaded to fill openings with qualified occupants as fast as conceivable to limit their transitory losses. Home rental posting platforms on the internet and in versatile applications can increase openness to tenants moving so landowners can get their properties in front of, in some metropolitan places, a great many eyeballs.
NestAway is an online home rental marketplace center for single guys and families. The company offers completely outfitted homes and flats for rent with no brokerage charge. Nestaway’s headquarter is situated in Bangalore and presently working in 9 distinct urban cities across India which incorporate Delhi, Mumbai, Pune, Bangalore, Noida, Delhi, and so forth.
NestAway Company Profile
|Legal Name||NestAway Technologies Pvt Ltd.|
|Parent Company||NestAway Technologies Pvt Ltd.|
|Sector||Real Estate, Rental Services|
|Headquarter||Bengaluru, Karnataka, India|
|Headquater Region||Asia-Pacific (APAC)|
|Founded Date||January 1, 2015|
|Founders||Amarendra Sahu, Jitendra Jagadev, Smruti Parida, Deepak Dhar|
|Total Funding||$104.7 Million|
|Monthly Visitors||1,258,189 (SemRush)|
NestAway is India’s fastest developing “Home Rental Network” endeavoring to give better rental arrangements through plans and innovations. We help users to discover, book, and move into a rental home of choice across Indian urban areas – all from inside an App. Not simply that, NestAway also helps you move in, request administrations from tap spillage to door lock broken, pay your rent & finally move-out – again all within an app. Whatever you call home (a bed, a room, or a whole house), they pre-arrange everything for you.
NestAway offers some of the very basic advantages are:-
- Completely Furnished rooms.
- Affordable plan.
- 1 to 3-month deposit.
- Loaded with conveniences.
NestAway was founded by Amarendra Sahu, Jitendra Jagadev, Smruti Parida and Deepak Dhar in 2015. NestAway was begun as a stage for students and bachelors yet later began same administrations for families too.
Amarendra Sahu is the CEO of the company NestAway. He is a software engineering engineer from NIT Surathkal and has an MBA Degree from the Indian Institute of Management Bangalore (IIM).
Jitendra Jagadev is the COO of NestAway. He moved on from NIT Karnataka, worked with big successful firms like Ojas Venture Partners, Philips, Cisco, and Microsoft prior to joining the Nestaway establishing team.
Smruti Parida is the Co-author and CTO of NestAway.
Deepak Dhar is an IT passed out from NIT Karnataka. He was liable for the item and client experience divisions. But in July 2018, Deepak Dhar left the organization to set up another fintech startup. Deepak alongside his previous Citrus Payment executive will begin another startup to create fintech arrangements.
NestAway Business Model
NestAway acts as a medium between house proprietors and inhabitants/customers. Nestaway’s business model ensures that each room, home, flats, ought to have fundamental resources like furniture (beds or sleeping pads), alongside a side table, cushion, and bed blanket, etc. Nestaway offers rentals in 2 operating models which are Shared living spaces in apartments and manors as full houses going from 1BHKs to 5BHKs.
Shared spaces are focused on generally lone rangers and understudies while the full house design is intended for families and offices. Not simply that, they also help customers by offering move-in, request administrations from tap spillage to door lock broken, pay your rent, and at last move-out as well, all the services just from one application. In return, they charge a small percentage share of the rental stream from the proprietors only. Let’s know Nestaway’s revenue model more briefly.
NestAway Revenue Model
NestAway runs on an exceptionally straightforward revenue model. It deals with a mortgage holder’s investment property all through the rental life cycle, from showing the house to an imminent customer and confirming the tenant contract, to managing rent for the proprietor’s benefit and helping the occupant and proprietor during move-out. The owners of the property decide the rent, and in general, charge per person around Rs. 4,000 to Rs. 20,000 per month. For every one of these administrations, Nestaway charges the proprietors a fixed level of 12.5% of the complete lease created from the home as its bonus.
NestAway doesn’t charge any business or charges from the occupants/customers separated from rent.
NestAway professes to check more than $2 Millon in revenue consistently. The organization intends to enter the ladies’ housing and senior living facilities throughout the following year.
NestAway began with the seed financing of $1.2 million from IDG Ventures India and InMobi. At that point in July 2015, NestAway got $12 million funding from Tiger Global Management and one of India’s greatest e-commerce platforms Flipkart. Tiger Global and Chiratae company contributed $10 million, trailed by $5 million from UC RNT Fund.
In April 2016 in the Series C round of speculation the company raised $30 million from Tiger Global Management, Sujeet Kumar, IDG Ventures India.
As of late in May 2017, Nestaway obtained a contender organization named Zenify which is situated in Bangalore, India.
As per the startup, at present, it has around 40,000 occupants across 10 distinctive Indian cities including metro cities Mumbai, Bengaluru, Delhi, Kolkata, and urban cities Pune, Faridabad, Ghaziabad, Greater Noida, Gurugram, and more.
Since the beginning of July 2020, Nestaway says it has seen a 298% surge in proprietor demands from more modest towns and cities requesting to deal with their homes, which the company used to turn down before under serviceability grounds. With the changing business sector elements, the company will likewise be dispatching an item offering exclusively taking into account this.
With the developing acknowledgment of buying services online, Nestaway is currently taking a gander at discovering both proprietors and inhabitants’ past metros and doing in any event 30% of its business from non-metros in the following 2 years.
NestAway Revenue/Annual Turnover
As indicated by Startuptalky, NestAway enlisted lower development in revenue in 2017-2018 when contrasted with 2016-2017. Its revenue expanded by 533% in 2016-2017 while in 2017-2018, it expanded by just 28.7%. According to ROC documenting, its revenue from operation in FY 2018 is Rs 46.98 crores. Again, the losses increased from Rs 134.24 crore in 2016-2017 to Rs 203.79 crore in 2017-2018.
NestAway Marketing Strategy
NestAway’s intended interest group is single students and bachelors between 21 to 31 years old. So they maintain the attention mainly on digital marketing. Nestaway’s online mission #NestawayFromHome and #HomesThatDontDiscriminate were successful campaign hashtags that are popular among the bachelor’s tenants.
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Dushyant Panda, marketing head of NestAway said “Our campaigns will largely be digitally driven. We are trying, truth be told, to connect with clients through focused informing as opposed to overwhelming promoting. Our communication campaigns will be more vital. Thinking about the rising interest for bachelor homes, this initiative was a need and keeping in mind that brands are occupied with utilizing online media to sell their items, here, NestAway through an intelligent, relatable video isn’t simply promoting itself but even speaking about an issue which as a rule isn’t given any significance.”
The major competitors of NestAway are 99 acres, Oyo Life, Stanza Living, StayAbode, FlatMate, Commonfloor, NoBroker, Zolo, and many more. There are numerous companies and platforms like this which work in the same niche.
Some things which separate NestAway from its contenders are that it manages to start to finish for occupants and house owners by dealing with everything such as making the legal rent document, lease assortment, house upkeep, and so forth. So in simple words, it intervenes all through the rental life cycle.
- “Comeback Kid Award 2017” – It is an award that respects business visionaries who have had a second accompanying a fruitful dare to their names.
- “Exponential Rental Real Estate Award 2019” – The startup won this award in the year 2019.
Discovering rental homes online specially in India is becoming simpler, because of digitization. The millennial world, where everything is speedy and sleepy, makes finding good accommodation with more facilities easier. There are a lot of new startup businesses and platforms that are accessible to finding great convenience, NestAway is one of them.
But we personally prefer don’t simply rely upon a couple of platforms. Use every possible platform. Track down your best reasonable property regarding solace and affordable price.
Please let us know your suggestions and thought in the comment section below!
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