Aurum PropTech (previously Majesco Limited), the leading real estate technology firm, announced on Friday its decision to secure a 100% ownership of NestAway Technologies Private Limited, with a striking Rs 90 crore deal. This major acquisition comes on the heels of its previous acquisition of HelloWorld, a subsidiary of NestAway, last year.
The acquisition is set to bring major leadership changes with the founders of HelloWorld, Jitendra Jagadev and Ismail Khan, who were originally part of NestAway’s founding team, stepping up to helm the company. Jagadev will serve as the CEO, while Khan will assume the COO position at NestAway.
“NestAway’s tech-fuelled transformation of the rental housing industry aligns perfectly with our mission of reshaping India’s residential rental market,” stated Ashish Deora, Founder and CEO of Aurum Ventures.
Following the Rs 90 crore acquisition, Aurum PropTech will invest an additional Rs 30 crore to ensure business stability.
“NestAway has a lot more to accomplish. With Aurum PropTech’s innovative approach and customer-focused vision, they are the ideal partner to propel our growth and help us execute our vision on a broader scale,” commented Jagadev.
Established in 2015, NestAway utilizes technology and data to facilitate a frictionless rental experience for homeowners and tenants. The company serves as a full-spectrum solution for all stages of the home rental process. Having accumulated a staggering $110 million funding at a $220 million valuation in 2019, NestAway boasts high-profile investors such as Tiger Global, UC-RNT Fund, Flipkart, Goldman Sachs, and Yuri Milner.
This news was based on the story from YourStory.