In addition to the Rs 90 crore, Aurum PropTech will invest Rs 30 crore to stabilise the business. NestAway has raised a total of USD 110 million in fundraising in 2019 at a valuation of USD 220 million
Aurum PropTech (previously Majesco), on Friday, approved the acquisition of up to a 100 per cent share in NestAway Technologies for up to Rs 90 crore.
According to a statement Aurum PropTech acquired HelloWorld from NestAway in June of this year. The HelloWorld founders, Jitendra Jagadev and Ismail Khan, who were previously part of the NestAway founding team, will now oversee the company following the acquisition.
While Jagadev will serve as Chief Executive Officer (CEO), Khan will serve as Chief Operating Officer (COO) of NestAway.
Speaking about the acquisition, Jitendra Jagadev, Founder of NestAway said, "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 realise our vision on an even larger scale."
In addition to the Rs 90 crore, Aurum PropTech will invest Rs 30 crore to stabilise the business.
NestAway, founded in 2015, uses technology and data to provide homeowners and tenants with a seamless renting experience. As an intermediary, it provides a comprehensive solution for every step of the house leasing process.
NestAway has raised a total of USD 110 million in fundraising in 2019 at a valuation of USD 220 million, with contributions from notable investors such as Tiger Global, UC-RNT Fund, Flipkart, Goldman Sachs, and Yuri Milner.
Ashish Deora, Founder and CEO of Aurum Ventures expressed his delight, "NestAway's tech driven revolution in the rental housing market is in perfect accord with our mission to revolutionise the residential rental industry in India. Under the leadership of Jitendra and Ismail, we are confident that we can replicate the remarkable success of HelloWorld, taking NestAway to even greater heights."