Nestaway forays into co-living space, to invest USD 10 mn

Nestaway Technologies, which is into rental property management, on Wednesday announced its foray into the co-living business and said it plans to invest USD 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.

"We are entering into this business and have presence in 15 cities with a capacity of 10,000 beds," said Jitendra Jagadev, Founder, The Hello World.

The 15 cities include Bengaluru, Hyderabad Delhi/NCR, Pune, Kota and Dehradun.

Jagadev said the co-living centres are running well and already achieved 90 per cent occupancy level.

He said the company is targeting to reach 50,000 beds by the end of this fiscal.

Asked about investment, Jagadev said: "We will be investing around 10 million dollars this financial year on this new business."