Aurum Proptech invests $5M in B2B real estate tech startup
The deal is one of the series of investments Aurum has been making into proptech startups in India, since property developer Aurum Group bought a promoter’s stake in what was earlier known as Majesco.
Aurum Proptech Ltd. on Friday said its board approved an investment of $5 million in TheHouseMonk, a business-to-business (B2B) Software-as-a-Service (SaaS) startup in the real estate industry.
Launched in 2019 by Ajay Kumar and Balaji Varadharajan, TheHouseMonk’s technology platform helps property managers and landlords monetise, maintain and manage their rental portfolio. It has a portfolio of 100 clients across 15 countries.
“We found TheHouseMonk as a great fit for optimising efficiency in the residential rental business with the compelling proposition being property managers being able to operate the platform,” said Ashish Deora, Founder and CEO of Aurum Ventures, the parent company of Aurum PropTech.
TheHouseMonk had a turnover of about $144,184 in the financial year 2021, double the revenue in the previous year.
The deal is one of the series of investments Aurum has been making into property-technology, proptech, startups in the country since property developer Aurum Group bought a promoter’s stake in what was earlier known as Majesco. At present, the group owns a 35 percent stake as promoter in Aurum Proptech, which is listed on the Bombay Stock Exchange (BSE).
The company’s stock on Monday plunged 5 percent on Monday on BSE (Relatively, BSE Sensex was down 2.09 percent on the same day).
Earlier this year, in July, the company bought a 51 percent stake in Pune-based software technology firm K2V2 Technologies, in line with its strategy to build a digital ecosystem for real estate for Rs 40 crore. K2v2 builds and provides SaaS products for the real estate industry such as real estate CRM, sales automation and marketing.
In October, it acquired a 49 percent stake for Rs 25 crore in Mumbai-based Integrow Asset Management Pvt. Ltd., an investment management and advisory services company.
“This investment is keystone towards our approach of building 360-degree platform from Asset Management, Customer Experience to Investment and Financing in the real estate sector,” Ashish Deora said in a release dated October 31 this year.
The group is betting big on technology companies as it aims to create an integrated digital ecosystem based on the real estate supply chain. Aurum is leveraging technology in the sector, which it says is going through a “paradigm shift”, according to its annual report.
![[YS Exclusive] Athina AI raises $3M in seed funding from Perplexity Co-founder Denis Yarats, Y Combinator, and others](https://images.yourstory.com/cs/2/fe056c90507811eea8de27f99b086345/AthinaAINewsFeatureImage-1731568298124.jpg?mode=crop&crop=faces&ar=1%3A1&format=auto&w=1920&q=75)