Liquidity Events
Aurum PropTech acquires home rentals player NestAway for Rs.90-Cr
Press Release BSE Announcement
Navi Mumbai-headquartered, publicly listed Aurum PropTech (formerly Majesco Ltd) has acquired a 100% stake in Bengaluru-based home rentals player NestAway Technologies through a complete buyout of all the existing shareholders for INR 90 crore. Aurum will inject around INR 30 crore more to stabilize the business. Founded in 2015, NestAway offered property listing, tenant screening, rent collection, maintenance, and dispute resolution. In mid 2022, Aurum PropTech had acquired NestAway's co-living subsidiary HelloWorld Technologies. The founders of HelloWorld, Jitendra Jagadev and Ismail Khan, will lead NestAway as CEO and COO respectively post the acquisition. NestAway is claimed to be one of the Top 5 PropTech Brands in India. Pre-pandemic, NestAway featured 50,000 properties on its platform and achieved an annualized revenue of INR 100 crore, attracting a significant website traffic of 1 million visits. Currently, NestAway features 18,000 properties on its platform and has an annualized revenue of INR 30 crore, attracting website traffic of 600,000 visits. Nestaway reported revenues of INR 25.43 crores in 2022, INR 52.05 crores in 2021 and INR 78.27 crores in 2020.
From the Venture Intelligence PE-VC Deal Database: Between March 2015 and May 2019, Nestaway had raised about USD 127 million from Tiger Global, Flipkart, Goldman Sachs, Chiratae Ventures, DST Global, Epiq Capital, Schroder Adveq and UC-RNT Fund. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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