Aurum PropTech (formerly known as Majesco Limited) has approved the acquisition of up to 100 percent stake in NestAway Technologies Private Limited (NestAway), a PropTech brand in India for a consideration of up to INR 90 crores ($11 million) .

Aurum PropTech said in a statement on last Friday that in addition to the INR 90 crores ($11 million) consideration towards acquisition of up to 100 percent share capital, Aurum PropTech will inject INR 30 crores ($3.63 million) to stabilize the business.

This capital infusion in NestAway is a testament to Aurum PropTech’s conviction in India’s $20-billion rental housing market.

“We are elated to announce the strategic acquisition of NestAway which greatly amplifies the Integrated PropTech Ecosystem that Aurum has established thus far,” said Ashish Deora, Founder and Chief Executive Officer of Aurum Ventures.

According to him, NestAway’s tech driven revolution in the rental housing market is in perfect accord with their mission to revolutionize the residential rental industry in India.

NestAway has revolutionized India’s residential rental market since 2015, leveraging technology and data to provide homeowners and tenants with a seamless rental experience.

The firm offers a comprehensive solution as an intermediary for every step of the home rental process.

NestAway has secured a cumulative funding of $110 million at the latest valuation of $220 million in 2019, garnering investments from marquee investors such as Tiger Global, UC-RNT Fund, Flipkart, Goldman Sachs and Yuri Milner.

In June 2022, Aurum PropTech acquired HelloWorld from NestAway.

After successfully scaling up HelloWorld’s operations within a year, Aurum PropTech has strategically acquired NestAway.

The founders of HelloWorld, Mr. Jitendra Jagadev and Ismail Khan, who were originally part of the founding team at NestAway, will now lead NestAway post the acquisition.

Aurum PropTech is committed to upholding operational excellence and will be appointing Jitendra Jagadev as the Chief Executive Officer and Ismail Khan as the Chief Operating Officer of NestAway.

“When we started NestAway, our vision was to revolutionize the way people live in cities by providing them with convenient, affordable and hassle-free housing solutions,

“Over the years, we have grown and expanded, serving thousands of customers, becoming a trusted brand in the PropTech industry,” said Jitendra Jagadev, Founder of NestAway.

According to him, NestAway has many milestones to achieve, and Aurum PropTech has a passion for innovation and customer-centricity, making them the perfect partner to fuel their growth and help them realize their vision on an even larger scale.

Meanwhile, Deora said that under the leadership of Jitendra and Ismail, he is confident that the firm can replicate the remarkable success of HelloWorld, taking NestAway to even greater heights.

Following the change in ownership of Aurum PropTech in June 2021, the company has embarked on an inorganic growth journey to create an Integrated PropTech Ecosystem through the acquisitions of K2V2 Technologies Pvt. Ltd, Integrow Asset Management Pvt. Ltd. (Integrow), Monk Tech Labs Pte Ltd. (TheHouseMonk), HelloWorld Technologies India Pvt. Ltd. (HelloWorld) and Aurum Analytica Private Limited (Formerly Blink Advisory Services).

Aurum PropTech, which is listed in India, aims to bring transparency, trust and digital transformation to the real estate sector through its Integrated PropTech Ecosystem.

Aurum Ventures is a privately held real estate investment, development and asset management companies in India.

It owns, operates and develops high-quality assets through their in-house teams in design and development, investment management, proptech and asset management.

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