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Aurum Proptech
Ratan Tata-backed NestAway, which was once valued at $225 million, is now acquired by Aurum PropTech (formerly known as Majesco Limited) for a consideration of up to Rs 90 crore or $11 million.
According to the filings, Aurum PropTech would infuse $3.6 million or Rs 30 crore to stabilise NestAway's home rental business.
Talking about the funding, NestAway has raised close to $110 million in funding from top investors, including Sequoia Capital India, Tiger Global, and IDG Ventures, among others. The company was last valued at 225 million.
As part of the acquisition, The founders of HelloWorld, Jitendra Jagadev and Ismail Khan, who were originally part of the founding team at NestAway, will now lead the company post-acquisition. While Jagadev will be the Chief Executive Officer (CEO), Khan has been appointed 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. 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.”
Ashish Deora, Founder and CEO of Aurum Ventures, said, "We are elated to announce the strategic acquisition of NestAway which greatly amplifies the Integrated PropTech Ecosystem that Aurum has established thus far. 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. 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.”
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