Aurum PropTech Limited announced it has acquired 100 per cent stake in HelloWorld Technologies Private Limited for Rs 42 crores.
According to the company’s exchange filing, “Pursuant to Regulation 30 of the LODR Regulations, kindly note that the Board of Directors of Aurum PropTech Limited (“the Company”) at its meeting held on March 23, 2022, has approved the acquisition of 100% of the share capital of HelloWorld Technologies Pvt Ltd (‘HelloWorld’), one of the largest Co-living Companies in India. The acquisition shall be for a cash consideration of an amount of up to INR 42,00,00,000 (Indian Rupees Forty Two Crore only). This amount of acquisition is equivalent to current annualised revenue run rate of HelloWorld.”
“The investment is in line with Aurum PropTech’s strategy to create an Integrated PropTech Ecosystem focused on complete value chain of Real Estate,” the company said in its statement.
HelloWorld enables shared living to Indian millennials across 16 cities in India with more than 10,000 contracted beds. It is one of India’s largest co-living enterprises. Founded on March 06, 2019, HelloWorld is headquartered in Bangalore and targets both working professionals and students. It has tie-up with 100s of corporates leading to a very low user acquisition cost.
HelloWorld’s mobile app helps millennials find, book, and move into a rental home of their choice across various Indian cities. It has a strong consumer driven community with 20,000 members on Instagram. Using AI-based technology for prediction of rent and occupancy velocity, leads to better supply acquisition. The current annual revenue rate is of INR 42,00,00,000 (Indian Rupees Forty Two Crore), the statement said.
HelloWorld, currently is a wholly-owned subsidiary of NestAway, which has raised over $110 Million in funding led by Tiger Global, Ratan Tata, Goldman Sachs and Chiratae Ventures.
