Coliving Startup founders goes untraceable: Founders under scanner for Rs 30 crores fraud

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Posted On : 15th, March 2019


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Coliving Startup founders goes untraceable: Founders under scanner for Rs 30 crores fraud

15th, March 2019    -    News

Bangalore based Coliving startup Homigo’s founders Nikunj Bhatija, Jatin Mitruka and Aakash Verma are said to be untraceable from past few days. As per the source it is estimated that the three duos run with Rs 30 crores which belongs to their tenants.


Nikunj Bhatija, Jatin Mitruka and Aakash Verma, from IIT Kanpur Started Homigo during 2015 as a coliving Startup which use to provide space for co-living for people. It has acquired more than 100 properties across Bangalore, now the tenants are in shock as the founders are not able to trace nor they are not receiving any response from company.


Tenants are continuously coming forward from different Homigo-rented properties with their complaints, thus the exact amount of fraud is yet to be assessed. However, based on the source, it is more than INR 30 Cr.


The LinkedIn profiles of the founders are no longer available. The company’s office at BTM Layout, Bengaluru has been locked since the start of March 2019 and all employees have been handed over pink slips, as per the source.


For now, the complaint has been filed in the BTM police station but the tenants are looking to file complaints in the police stations of other vicinities of Bengaluru. According to Homigo website, it had properties in nine areas including Koramangala, Indira Nagar, Domlur, MG Road, HSR Layout, Sarjapur Road, BTM Layout, Belandur and Marathahalli.


The Facebook page created by the Homigo tenants reveals that the people are now looking to sign a petition and lodge a complaint against the Homigo owners and their team of 35+ executives.


Most of the tenants have already paid the rent for the month of March 2019 which varies anywhere between INR 8,500 – INR 35K and have paid deposits in the range of INR 17K to INR 90K. Some of the properties were leased out by Homigo to new tenants at a price of INR 10 Lakhs for a period of two years as per the source.


Since, last two months, the Homigo team has not been replying to tenants’ complaints about poor living conditions, shortage of water and electricity and other needed commodities in their apartments


My concern the, being a startup founders, you need to show high level of ethics and morale responsibility towards to society and your team. Startup should not be considered as a quick money making method. Entrepreneurship is a beautiful journey to learn and lead others to create a societal value.



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