Aurum Proptech invests $5M
Aurum Proptech Ltd. announced on Friday that its board of directors has approved a $5 million investment in TheHouseMonk, a real estate business-to-business (B2B) Software-as-a-Service (SaaS) startup.
TheHouseMonk’s technology platform, which was launched in 2019 by Ajay Kumar and Balaji Varadharajan, assists property managers and landlords in maintaining, and managing their rental portfolio. It has a client base of 100 people in 15 countries.
“We found TheHouseMonk to be a fantastic fit for improving efficiency in the residential rental business, with the appealing offer of property managers being able to administer the platform,” said Ashish Deora, Founder and CEO of Aurum Ventures, which owns Aurum PropTech.
In the fiscal year 2021, TheHouseMonk made a profit of $144,184, double of its previous year’s earnings.
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).
On Monday, the company’s stock fell 5% on the Bombay Stock Exchange (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.
It bought a 49 percent share in Mumbai-based Integrow Asset Management Pvt. Ltd., an investment management and advisory services firm, for Rs 25 crore in October.
“This investment is a cornerstone of our approach to establishing a 360-degree platform in the real estate sector, from Asset Management to Customer Experience to Investment and Financing,” Ashish Deora said in a press release dated October 31.
In order to develop an integrated digital ecosystem based on the real estate supply chain, the firm is placing a large stake on technological companies. According to its annual report, Aurum is leveraging technology in a field that is undergoing a “paradigm shift.”
Aurum Proptech seems to be interesting and good investment company. I am confident that the company will continue to prosper in future. I give my best wishes to the team of Aurum Proptech.Shishir Gupta, Founder and CEO of Startuplanes
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