Anarock Group to look beyond just large societies and include small and medium-size complexes to scale up substantially over the next few years, said chairman Anuj Puri
Home rentals startup NestAway Technologies Pvt. Ltd has sold ApnaComplex to property advisory Anarock Group a year after buying the apartment management platform, the companies said in a joint statement on Monday. Financial details of the transaction were not disclosed.
ApnaComplex was acquired by NestAway to expand its property management business. “Our acquisition rationale is to extend innovative features and tech upgrades for homeowners, residents, society managing committees, and facility and security management teams. We will look beyond just large societies and include small and medium-size complexes to scale up substantially over the next few years," Anuj Puri, chairman, Anarock Group, said.
“With ApnaComplex finding a new home at Anarock, it will now grow to its fullest potential," Raja Sekhar Kommu, senior business leader at NestAway, said.
NestAway was set up in 2015 and is funded by Goldman Sachs, Tiger Global, IDG India, Chiratae Ventures, and InnoVen Capital.
“The post-covid world underscores the immense traction among residents and societies for automated touchless safety and security measures, as well as the need for reliable services readily at hand," said Shajai Jacob, managing director and country head, ApnaComplex, and chief executive officer, GCC, Anarock.
The pandemic has sparked two big shifts in the shared living or home rental business in which NestAway operates. Asset owners have started sharing revenues with co-living operators, unlike the fixed rental payment model that was in vogue earlier, and rents have fallen across cities.
Reverse migration, which emerged as professionals journeyed to their home towns during the lockdown, prompted some operators such as Nestaway to look at managing rental homes of owners in smaller cities and outskirts of tier-I cities through a franchise model to cater to growing needs in these locations, Mint had recently reported.
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