Aurum PropTech Ltd (formerly known as Majesco Ltd) on Sunday said it will acquire 49% stake in Integrow Asset Management Pvt Ltd for Rs 25 crore, to enable the convergence of property technology and fintech.
The board of Aurum PropTech has approved the acquisition, which is expected to be completed by March 2022. Aurum’s investment will comprise of equity shares and optionally convertible debentures issued by Integrow, a financial services company that offers investment management and advisory services.
Mumbai-based Integrow was set up in 2020 by Ramashrya Yadav, a former CEO-real estate practice at Edelweiss Financial Services Ltd.
The investment is in line with Aurum PropTech’s strategy to bring digital transformation in the real estate sector by creating an integrated proptech ecosystem covering customer digital journey, property and asset management, development, investment and financing of assets.
“This investment is a keystone towards our approach of building a 360-degree platform in real estate to consistently bring efficiency for all stakeholders,” said Ashish Deora, founder and CEO of Aurum Ventures, the parent company of Aurum PropTech, which is building an integrated proptech platform.
In July 2021, Aurum PropTech had approved the acquisition of 51% stake in Pune-based software technology firm K2V2 for Rs 40 crore.
Real estate firm Aurum Ventures in March had acquired 14.78% in IT consulting and software firm Majesco through its subsidiary Aurum Platz IT Pvt Ltd.
"We will not just be an asset management company anymore. The capital will be used for growth and expansion, and in upgrading the tech platform. This investment would empower us to disrupt and exponentially grow technology-led real estate asset management business in India,” said Integrow’s founder and CEO Ramashrya Yadav.
In June, Integrow had said it is raising Rs 1,000 crore for its first real estate fund from domestic investors and will focus on last-mile project funding.
The company has signed five termsheets and will focus on investing in Mumbai and Pune.
“Going forward, there would be a need to democratize the borrower base and use technology,” Yadav added.
Serial entrepreneur Deora is also an anchor investor in the fund.