Aurum PropTech eyes majority stake in B2B SaaS startup TheMonkHouse
- ByTejika Bajaj | December 22, 2021
Aurum Proptech Ltd. recently revealed that its board approved an investment of $5 million in TheHouseMonk, a business-to-business (B2B) Software-as-a-Service (SaaS) startup in the real estate industry, thus acquiring a whopping 51% stake in the latter.
Commenting upon the recent investment, the Founder and CEO of Aurum Ventures, the parent company of Aurum PropTech, Ashish Deora stated, “We found TheHouseMonk as a great fit for optimising efficiency in the residential rental business with the compelling proposition being property managers being able to operate the platform.”
Launched in 2019 by Ajay Kumar and Balaji Varadharajan, TheHouseMonk’s technology platform helps property managers and landlords monetise, maintain and manage their rental portfolio. It has a portfolio of 100 clients across 15 countries.
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.
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.
The group is betting big on technology companies as it aims to create an integrated digital ecosystem based on the real estate supply chain. Aurum is leveraging technology in the sector, which it says is going through a “paradigm shift”, according to its annual report.
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