The Executive Investment Committee meeting of Aurum PropTech Limited ("APTL") held on 01st June 2023, has approved the acquisition of upto 100% Share Capital of NestAway Technologies Private Limited for a cash consideration of upto INR 90 crores.
Established in 2015, NestAway Technologies Private Limited is a leading PropTech brand that has gained widespread recognition for its innovative business model and disruptive approach to simplifying the rental process for millennial and professional tenants. It leverages technology and data to streamline property search, scheduling visits, rent payments and service requests.
Nestaway recorded revenues of INR 25.43 crores in 2022, INR 52.05 crores in 2021 and INR 78.27 crores in 2020.
This acquisition will add to the ConsumerTech segment of APTL and is in line with the strategy to create an Integrated PropTech Ecosystem. The completion of the transaction is expected to take place on or before 30th June 2023, contingent upon the fulfilment of certain conditions.
The acquisition is a related party transaction limited to Mr. Jitendra Jagadev, Director of HelloWorld Technologies Pvt. Ltd., subsidiary of APTL and Co-Founder, Director of NestAway. None of APTL's promoter/ promoter group/ group companies have any interest in the entities involved in the transaction.
Shares of Aurum PropTech Limited was last trading in BSE at Rs. 117.80 as compared to the previous close of Rs. 117.10. The total number of shares traded during the day was 44688 in over 705 trades.
The stock hit an intraday high of Rs. 121.50 and intraday low of 116.00. The net turnover during the day was Rs. 5328432.00.