Nestaway Technologies, which is into rental property management, has announced its foray in the co-living business and said it plans to invest $10 million (about Rs 70 crore) this fiscal to reach 50,000 beds.
The Bengaluru-based firm has set up a subsidiary — The Hello World — to enter the co-living segment which will cater to both students and professionals.
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The company will charge just one-month rent as security deposit and zero brokerage fee from its customers. “Almost 90% of the millennial population in America have a roommate. In a similar trend, the millennial population in India prefers to stay in a community where they not only share space but also share their interests, passions, and dreams.
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. NestAway has raised around $100 million to expand its business.