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Ratan Tata-backed NestAway acquired by Aurum PropTech for Rs 90 crore

Ratan Tata-backed NestAway acquired by Aurum PropTech for Rs 90 crore

The founders of HelloWorld, Jitendra Jagadev and Ismail Khan, who were originally part of the founding team at NestAway, will now lead NestAway post-acquisition.

Shubham Singh
  • Updated Jun 5, 2023 6:00 PM IST
Ratan Tata-backed NestAway acquired by Aurum PropTech for Rs 90 croreAurum PropTech is a software company that provides technology solutions to the real estate industry.

Ratan Tata-backed proptech startup NestAway Technologies Pvt. has been acquired by listed firm Aurum PropTech Ltd. for Rs 90 crore. As per the exchange filing, Aurum will inject Rs 30 crore to stabilise NestAway Technologies. 

Aurum PropTech has approved the acquisition of upto 100 per cent stake in NestAway for a consideration of upto Rs 90 crore, the company said in a press note.

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“After successfully scaling up HelloWorld’s operations within a year, Aurum PropTech has strategically acquired NestAway. The founders of HelloWorld, Jitendra Jagadev and Ismail Khan, who were originally part of the founding team at NestAway, will now lead NestAway post-acquisition," it said. In June 2022, Aurum PropTech acquired HelloWorld from NestAway.

The acquisition of NestAway by Aurum PropTech is a strategic move for both companies. NestAway will gain access to Aurum PropTech's technology and resources, while Aurum PropTech will gain a foothold in the fast-growing home rental market.

The acquisition is being seen as a sign of the growing maturity of the Indian proptech sector. The sector has attracted significant investment in recent years, and there has been a growing number of mergers and acquisitions.

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NestAway was founded in 2015 by Jitendra Jagadev and Ismail Khan. The company provides fully furnished homes on rent to young professionals and students in major Indian cities. NestAway had raised over $110 million in funding in 2019 from investors such as Tiger Global, Flipkart, Goldman Sachs, and Ratan Tata's UC-RNT Fund.

Aurum PropTech is a software company that provides technology solutions to the real estate industry. The company was founded in 2006 and is headquartered in Mumbai. Aurum PropTech is listed on the National Stock Exchange of India.

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 realize our vision on an even larger scale.”

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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.”

Also Read: After TCS, Infosys, and Wipro, Mphasis launches generative AI services

Published on: Jun 5, 2023 5:57 PM IST
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