Aurum PropTech approves 100% acquisition of NestAway for Rs 90 Cr
Jitendra Jagadev will be appointed as the Chief Executive Officer (CEO) and Ismail Khan as the Chief Operating Officer (COO) of NestAway.
(formerly known as Majesco Limited) on Friday said it has approved the acquisition of up to 100% stake in NestAway Technologies Private Limited for a consideration of up to Rs 90 crore.
Last June, Aurum PropTech acquired HelloWorld from . 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, read the press statement.
While Jagadev will be the Chief Executive Officer (CEO), Khan has been appointed as the Chief Operating Officer (COO) of NestAway.
"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," said Ashish Deora, Founder and CEO of Aurum Ventures.
In addition to the Rs 90 crore, Aurum PropTech will inject Rs 30 crore to stabilise the business.
"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," said Jagadev.
Founded in 2015, NestAway leverages technology and data to provide homeowners and tenants with a seamless rental experience. It offers a comprehensive solution as an intermediary for every step of the home rental process.
NestAway has secured cumulative funding of $110 million at the latest valuation of $220 million in 2019, with investments from marquee investors such as Tiger Global, UC-RNT Fund, Flipkart, Goldman Sachs and Yuri Milner.
Edited by Affirunisa Kankudti