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Aurum PropTech takes over home rental startup NestAway

By Priyal Mahtta

  • 02 Jun 2023
Aurum PropTech takes over home rental startup NestAway
Credit: Thinkstock

Aurum PropTech Ltd (erstwhile Majesco Ltd) on Friday said it has completed acquisition of Bengaluru-based online home rental startup NestAway Technologies Pvt Ltd for $11 million (around Rs 90 crore).

An exchange filing by Aurum PropTech said the company, which bought HelloWorld, the co-living unit of NestAway, for around $6.8 million in May last year, will infuse another $3.6 million (Rs 30 crore) to stabilise NetsAway’s operations.  

Since its inception in 2015, NestAway raised close to $110 million at a valuation of $225 million in its last funding round in 2019. It counts Tiger Global and IDG Ventures, among its marquee investors.

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In 2021, real estate services firm Anarock Group acquired society and apartment management platform ApnaComplex, run by NestAway, allowing an exit to a clutch of investors including Goldman Sachs, Tiger Global, UC-RNT Fund, IDG India, and Chiratae Ventures. 

The rental network platform earned consolidated revenue from operations of Rs 57.9 crore in FY22, down about 36% year-on-year. Its net loss also ballooned in its last reported financial review, widening 44.3% to nearly Rs 95 crore, as per a data collated by VCCEdge, the data research platform of VCCircle,

NestAway’s rental platform currently has about 18,000 listed properties, down from about 50,000 listings in the pre-pandemic period. 

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This buyout comes after Aurum PropTech acqui-hired neo-realty investments platform Myre Capital, a subsidiary of Morphogenesis Reality Pvt. Ltd for an undisclosed sum, last month. 

The listed company bought the assets and technology platform from Myre Capital and launched Aurum WiseX, a digital distribution vertical for real estate investments. 

Some other subsidiaries of Aurum PropTech include Aurum Realtech Services Pvt Ltd, Aurum Softwares and Solutions Pvt Ltd, K2V2 Technologies Pvt Ltd, among others.  

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As for its last reported financials, Aurum PropTech’s net revenue from operations stood at Rs 126.8 crore for the year ended March 2023, from Rs 15.73 crore in the year-ago period. Its net loss widened to Rs 39.1 crore from Rs 12.59 crore in FY22. 

*The headline and text of this article have been modified to remove the name of Sequoia Capital, which was inadvertently mentioned as one of the investors in NestAway.

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