Proptech startup Square Yards acquires property management Azuro
Proptech company Square Yards announced on Wednesday that it has acquired Mumbai-based rental and property management platform Azuro. As a part of the transaction, Azuro's team, including its co-founders, will be joining Square Yards. Azuro will operate under the larger umbrella, along with the same brand name.
Founder and CEO Tanuj Shori said in a statement:
"Square Yards is building an integrated intermediary ecosystem for the real estate industry and this requires the best of technology and talent. Azuro’s innovative approach in grabbing market share in the large rentals and property management sector gives us opportunity to add synergies to the current value chain. Azuro’ founding team is among the best in the business, strengthening our management bandwidth as well. Both rentals and property management are multi-billion-dollar opportunities but currently under-served in India. We will look forward to scaling this business in India and further globally in countries like the UAE, Canada, Australia where we have a significant presence.”
Gurugram-based Square Yards, which is backed by Anil Ambani led-Reliance Group, had reported last May that it had turned profitable.
Azuro was founded in 2016 by IIT Bombay alumni Altaf Ahmad, Sushant Kumar, Sudhanshu Mishra, Ayush Agrawal, and Vishal Chauthmal. The platform offers rental and property management solution, taking care of the logistical and tactical pain points involved with finding a tenant, background checks, automated rent collection, property maintenance, and tenant exits. Azuro's technology allows accurate pricing of properties, faster tenant finding and providing services to customers throughout the property ownership lifecycle.
"...We aim to catalyse the next phase of growth by leveraging Square Yards’ platform using its reach, operational resources, and the consumer platform squareyards.com," said Altaf.
Azuro is backed by marquee investors including Kae Capital, Mumbai Angels and White Unicorn Ventures. They will now join the cap-table of Sqaure Yards.
“It has been great to partner with Team Azuro from their very early days. They demonstrated the ability to create compelling product offerings in a highly fragmented market which enabled them to build a successful commercial operation. Coupled with Square Yards' deep understanding of the real estate brokerage market and a strong backbone of technology and people, the unification is primed to capture a big opportunity in the O2O (offline to online) real estate services market,” said Gaurav Chaturvedi, Partner at Kae Capital.