Biznextindia : Aurum PropTech (formerly known as Majesco Limited) has approved the acquisition of upto 100% stake in NestAway Technologies Private Limited (NestAway), a leading PropTech Brand in India for a consideration of upto INR 90 crores, at its meeting held on Thursday, 01st June 2023. NestAway has revolutionized India’s residential rental market since 2015, leveraging technology and data to provide homeowners and tenants with a seamless rental experience.
NestAway offers a comprehensive solution as an intermediary for every step of the home rental process. NestAway has secured a cumulative funding of USD 110 million at the latest valuation of USD 220 million in 2019, garnering investments from marquee investors such as Tiger Global, UC-RNT Fund, Flipkart, Goldman Sachs and Yuri Milner. In addition to the INR 90 crores consideration towards acquisition of upto 100% share capital, Aurum PropTech will inject INR 30 crores to stabilize the business. This capital infusion in NestAway is a testament to Aurum PropTech’s conviction in India’s $20-billion Rental Housing market.
In June 2022, Aurum PropTech acquired HelloWorld from NestAway. After successfully scaling up HelloWorld’s operations within a year, Aurum PropTech has strategically acquired NestAway. The founders of HelloWorld, Mr. Jitendra Jagadev and Mr. Ismail Khan, who were originally part of the founding team at NestAway, will now lead NestAway post the acquisition. Aurum PropTech is committed to upholding operational excellence and will be appointing Mr. Jitendra Jagadev as the Chief Executive Officer (CEO) and Mr. Ismail Khan as the Chief Operating Officer (COO) of NestAway.
“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” Jitendra Jagadev, Founder of NestAway said.