Aurum Proptech Full Year and Q1 Results: Revenues Up but Losses Remain Problematic

Aurum Proptech, the parent company of India's largest rentals platform NestAway, reported increased revenues in the 12 months to March 2024 in the company's filings on 29 April.

Highlights include:

• Operating revenues increased 68% year-on-year to INR 2.3 billion ($27.9 million)
• EBITDA for FY2024 rose to 22.12 crores ($2.4 million) compared to a loss of 2.90 crores ($350k) in FY2023—a significant EBITDA margin improvement to 9.9%
• Full-year losses were INR 659 million ($7.8 million), a 68.5% increase on 2022's losses

Onkar Shetye, Executive Director at Aurum PropTech, commented:

"We are pleased to announce another year of consistent performance across revenue, road to profitability, user growth and tech innovation.

"This year is also special as we were able to make a notable acquisition and turnaround of the country’s largest rental market place, NestAway Technologies.

"We are confidently moving forward, committed to our goal of making rental, distribution and capital value chain in real estate Future-Ready through our Integrated PropTech Ecosystem, leveraging technology, data, capital and services."

It's a solid turnaround for Aurum after a nightmarish Q3, but this is by no means a strong performer historically. Nevertheless, a bullish mentality meant it acquired the struggling rental specialist NestAway in June 2023 for a cut-price $11 million as it embarks on an ambitious strategy to build an ‘integrated proptech ecosystem’ in India.