Aurum PropTech Ltd approves $5 million infusion in Saas platform TheHouseMonk

Aurum PropTech Ltd has approved a mix of debt and equity infusion of USD 5 million in Monk Tech Labs Pte Ltd ('TheHouseMonk'), a B2B SaaS company focussed on rental real estate industry at its board meeting held on Friday.

TheHouseMonk plans to deploy these funds to fuel its expansion into Europe and US, as well as consolidate its position in Asia, which serves as its core market today. It also plans to hire aggressively into its tech team to build advanced AI/ML (artificial intelligence / machine learning) capabilities, and to strengthen its overall product portfolio.

"Over the past few months, we have been on an inorganic growth spree and TheHouseMonk is another addition to our list of products and services enabling the creation of entire PropTech value chain. We find TheHouseMonk as a great fit for enhancing efficiency in the residential rental business. It provides a compelling proposition for property owners and managers to monetize, maintain and manage their rental portfolio through its technology platform," said Ashish Deora, Founder and Chief Executive Officer of Aurum Ventures.

"We are very excited to partner with Aurum PropTech as we continue building the de facto platform for the rental real estate industry. Adoption of technology has increased significantly due to the pandemic as landlords, property managers and tenants are looking for digital solutions to manage their relationship and our platform is perfectly positioned to serve this growing need in the market," said Ajay Kumar, Co-Founder and CEO of TheHouseMonk.

Fuelled by the Millennial and Gen Z behavioural pattern and growth of IT-ITES, industry Rental Housing is booming especially in India. It has created a huge market for organised and new-age Coliving and student housing players who are looking to scale up. Real Estate Private Equity companies are making large investments in buying single family rental properties, while Coliving and student housing operators have raised significant capital from venture capital firms recently. TheHouseMonk's software solutions is an ideal platform for these players to organise and scale up their businesses.

In July 2021, Aurum PropTech had approved the acquisition of 51% stake in Pune-based software technology firm K2V2 followed by 49% stake in Mumbai based asset management company Integrow Asset Management Pvt. Ltd in October 2021.

Shares of Aurum PropTech Limited was last trading in BSE at Rs. 145.35 as compared to the previous close of Rs. 153.00. The total number of shares traded during the day was 30365 in over 721 trades.

The stock hit an intraday high of Rs. 153.00 and intraday low of 145.35. The net turnover during the day was Rs. 4438981.00.

Source : Equity Bulls

Keywords

AurumPropTech INE898S01029 RealEstate Technology TheHouseMonk SaaSPlatform