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Aurum PropTech set to acquire Ratan Tata-backed NestAway 

Proptech major Aurum PropTech is set to acquire Goldman Sachs, Tiger Global, and Ratan Tata-backed managed rental home company NestAway Technologies through a complete buyout of all existing shareholders, said persons with direct knowledge of the development. 

In addition to the company’s founders, prominent business personalities, including the former chairman of Tata Sons and global institutional investors, are among the company’s shareholders.  

The online home rental marketplace, founded in 2015, counts Flipkart, Chiratae Ventures, and a university fund among its key investors. NestAway has successfully raised $110 million from its renowned investors over the years to support its growth and expansion plans.

One of the first such buyout deals for a rental platform, Aurum PropTech, will most likely be paying a total consideration of over $20 million for the proposed acquisition.  

“The deal is at an advanced stage and most existing shareholders are already on board. It is likely to be inked anytime soon,” said one of the abovementioned persons. 

In 2019, the company raised its latest round of funding at a $230 million valuation. The Covid-19 epidemic, however, has hit the valuation. The platform currently has over 39,600 tenants spread out across 10 cities.

“Aurum PropTech is looking to ride the growth in India’s residential rental market like Brazil’s proptech unicorn QuintoAndar. NestAway was modelled and is operating on similar metrics as QuintoAndar, which makes it a strategic fit in the Aurum’s ecosystem,” said another person mentioned above.

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