Aurum PropTech to Acquire NestAwayTechnologies
Proptech Major Aurum PropTech is set to acquire Goldman Sachs, Tiger Global and Ratan Tata backed managed rental home company NestAway Technologies through complete buyout of all existing buyout of all existing shareholders. Apart from the Founders, the Company’s shareholders include global institutional investors, prominent business personalities, such as the former Tata Sons Chairman. Founded in 2015 the online home rental marketplace counts Flipkart, Chiratae Ventures and a University Fund among its key investors. Over the years, NestAway has successfully raised $110 mn to support it growth and expansion plans from its prominent investors. Aurum PropTech is likely to be paying a total consideration of over $20 mn for the proposed acquisition which will be one of the first such buyout deals for a rental platform. The deals is at an advanced stage and most existing shareholders are already on board. It is likely to be inked anytime soon. The company’s last investment round was at a valuation of $230mn in 2019. However, the valuation has taken a hit post the Covid-19 pandemic. Currently the platform has over 39,600 tenants across 10 cities. Aurum PropTech is looking to ride the growth in India’s residential rental market like Brazil’s Proptech Unicorn QuintoAndar. NestAway was modelled and is operating on similar metrics as QuintoAndar which makes it a strategic fit in the Aurum’s eco system. This will be Aurum PropTech’s eighth proptech-related acquisition in the last two years.
Tags : Proptech Aurum PropTech acquire Goldman Sachs Tiger Global Ratan Tata rental home company NestAway Technologies shareholders Tata Sons business Flipkart Chiratae Ventures University Fund investors