Ratan Tata Invests in a Odia Startup NestAway #Odisha #Startup #TataGroup
Top industrialist Ratan Tata has invested an undisclosed amount in home rental company NestAway Technologies, a statement said. This is Tata’s eighth personal investment in a startup in 2016 so far. He has invested in over 20 startups.
NestAway was launched in January 2015 by Amarendra Sahu, Smruti Parida, Deepak Dhar and Jitendra Jagadev.
Tata Sons Chairman Emeritus Ratan Tata has invested an undisclosed amount in home rental startup NestAway Technologies Pvt Ltd.
“As the first investors in NestAway, we have seen the company grow at a tremendous pace and achieve clear leadership by far in its vertical,” said Karthik Prabhakar, vicepresident of IDG Ventures India, “We look forward to Ratan Tata’s guidance and support to help with the next phase of growth.”
The startup has provided rental homes to about 5,000 tenants across six cities. Until recently, NestAway counted single working professionals among its target audience, but it has now entered the family segment.
NestAway has raised over $13 million over two rounds from investors including IDG Ventures India, Tiger Global, Flipkart and Naveen Tewari.
“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,” said Naveen Tewari, whose firm sells mobile advertising and analytics technology. “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 Tewari.
Founded by NIT Suratkal alumni Amarendra Sahu, Jitendra Jagadev, Smruti Parida and Deepak Dhar, NestAway has built a managed home rental marketplace. It uses technology to provide better rental solutions to singles in the cities. For instance, it turns unfurnished houses into fully-furnished and managed apartments and provides them at affordable prices to pre-verified tenants.
“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,” said Amarendra Sahu, 31-year-old chief executive of NestAway. “We deny them the houses they deserve because we think they are ‘a ticking time bomb’. src economics time