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Aurum PropTech on Friday said it will acquire up to 100 per cent stake in home rental platform NestAway Technologies for a cash consideration of up to Rs 90 crore.
Founded in 2015, NestAway caters to individuals looking for rental housing in major cities.
In a regulatory filing, Aurum Proptech informed that its executive investment committee has approved the acquisition of up to 100 per cent share capital of NestAway Technologies Pvt Ltd for a cash consideration of up to Rs 90 crore.
NestAway 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, the filing said.
Besides, Rs 90 crore deal to acquire up to 100 per cent stake, Aurum PropTech said it will inject Rs 30 crore to stabilize the business.
"This capital infusion in NestAway is a testament to Aurum PropTech's conviction in India's USD 20-billion rental housing market," it said.
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At present, NestAway features 18,000 properties on its platform and has an annualized revenue of Rs 30 crore. Pre-COVID, its annualised revenue had touched Rs 100 crore.
In June 2022, Aurum PropTech acquired co-living business HelloWorld from NestAway.
The company will be appointing Jitendra Jagadev as the Chief Executive Officer (CEO) and Ismail Khan as the Chief Operating Officer (COO) of NestAway.
Jitendra Jagadev, Founder of NestAway, said "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."
Ashish Deora, Founder and CEO of Aurum Ventures, said, "NestAway's tech-driven revolution in the rental housing market is in perfect accord with our mission to revolutionize the residential rental industry in India.
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