Nestaway Acquires Three Co-Living Operators
Nestaway Technologies' co-living subsidiary The Hello World has acquired StayAbode and is looking for 2-3 more acquisitions as part of its plan to expand capacity to 50,000 beds by March next year. The Hello World currently has 20,000 beds and plans to add 30,000 more beds by end of the 2020-21 fiscal through both organic and inorganic routes. We are targeting to acquire at least 2-3 co-living operators each having an enterprise value of USD 10 million or more, its founder and CEO Jitendra Jagadev told. The annual revenue of the co-living firm stood at Rs 40 crore last fiscal which is likely to jump at Rs 140-150 crore in the current financial year, he said. 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. Nestway has raised around $100 million so far from investors including Goldman Sachs.