Aurum PropTech acquires NestAway to revolutionize India’s PropTech market
Aurum PropTech, formerly known as Majesco Limited, has announced its acquisition of NestAway Technologies Private Limited (NestAway), a PropTech brand in India.
The acquisition, approved at a meeting held on Thursday, June 1, 2023, allows Aurum PropTech to obtain a stake of up to 100% in NestAway in exchange for a consideration of up to INR 90 crores.
NestAway, a game-changer in India’s residential rental market since 2015, has transformed the industry by leveraging technology and data to create a seamless rental experience for homeowners and tenants. The company acts as a comprehensive intermediary, facilitating every step of the home rental process.
Having already secured cumulative funding of $110 million with a valuation of $220 million in 2019, NestAway has attracted investments from renowned investors such as Tiger Global, UC-RNT Fund, Flipkart, Goldman Sachs, and Yuri Milner.
In addition to the acquisition cost of INR 90 crores, Aurum PropTech plans to infuse INR 30 crores into NestAway to stabilize and strengthen the business. This capital injection reflects Aurum PropTech’s strong belief in India’s thriving $20-billion rental housing market.
This acquisition comes on the heels of Aurum PropTech’s successful acquisition of HelloWorld from NestAway in June 2022. Within just one year, Aurum PropTech scaled up HelloWorld’s operations, leading to the strategic decision to acquire NestAway as well. The founders of HelloWorld, Jitendra Jagadev and Ismail Khan, who were originally part of NestAway’s founding team, will now take the helm of NestAway following the acquisition.
Jitendra Jagadev — NestAway Founder said “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.
“NestAway has many milestones to achieve. Aurum PropTech has a passion for innovation and customer-centricity, making them the perfect partner to fuel our growth and help us realize our vision on an even larger scale.”
Aurum PropTech is dedicated to maintaining operational excellence and has appointed Jitendra Jagadev as the Chief Executive Officer (CEO) and Ismail Khan as the Chief Operating Officer (COO) of NestAway, showcasing their trust and confidence in the leadership team.
Ashish Deora — Aurum Ventures Founder and CEO said: “We are elated to announce the strategic acquisition of NestAway which greatly amplifies the Integrated PropTech Ecosystem that Aurum has established thus far. NestAway’s tech-driven revolution in the rental housing market is in perfect accord with our mission to revolutionize the residential rental industry in India.
“Under the leadership of Jitendra and Ismail, we are confident that we can replicate the remarkable success of HelloWorld, taking NestAway to even greater heights.”