Management churn at startups and corporates has seen a surge in recent times. With the likes of Sachin Bansal selling Flipkart, the Indian e-commerce giant to WalMart, the upswing has been characterised mostly by these founders and top-level executives starting their own businesses, mostly in the financial technology sector.
Deepak Dhar, one of the co-founders of, NestAway ,is leaving the company to set up a new fintech venture. He along with his former Citrus Payment executive will start a new company to develop fintech solutions.
The company which is now four years old is seeing a change in the head level position and also its future growth plans.
NestAway was founded in January 2015 by Amarendra Sahu, Smruti Parida, Deepak Dhar and Jitendra Jagadev. The company is an online marketplace for home rentals that turns unfurnished houses into fully-furnished and managed apartments and rents them to pre-verified tenants.
According to the startup, currently, it has 39,600 tenants across 10 different Indian cities including Bengaluru, Delhi, Faridabad, Ghaziabad, Greater Noida, Gurugram, Hyderabad, Noida, Mumbai and Pune.
Amarendra Sahu, cofounder and CEO, NestAway, confirmed Sahu’s exit plans, saying-
This was planned and we were working on a succession plan for the last six months. Deepak comes from a fintech background and it’s a very hot segment right now. At NestAway, we are at a stage where the product fit has been validated by customers and investors. At this stage, excitement can go down. As we go to the next level, we need people for execution.”
Further, the company is said to have seen senior management departures. Sahu explained that April is the month when hikes and promotions are given, hence churn tends to happen.
“It’s natural that some people leave, and we have hired for several key positions,” he said, adding the company saw “highest business” in its history in the April-June quarter.
“Founders have different roles. My passion is to make zero deposit (for renting out houses) a reality in India. Jitu (Jagadev) has taken charge of Hello World, it’s a white space that we had ignored,” Sahu said.
The company has also reportedly put a halt on its fundraising plans. NestAway was in talks with Chinese investors including international conglomerate Fosun for its upcoming $100 Mn (INR 713 Cr) funding round. The company has raised $104.2 Mn from investors such as Tiger Global.
The company has also been eyeing expansion into business verticals and a more streamlined business focus between cofounders, CEO Amarendra Sahu and COO Jitendra Jagadev.
Amarendra Sahu confirmed that Jagadev will take charge of the new businesses that NestAway has entered or will get into in future.
The company is said to be clocking over $2 Mn in revenue every month and plans to enter the women’s housing and senior living management over the next 12 months.
A recent PropTiger report has noted that co-living segment has the potential to grow into a $93 billion market in India. The report estimated an untapped demand of approximately 46.3 billions beds in India, of which 8.9 Mn beds are required for student housing.