losses at the Aurum PropTech have doubled after acquiring the rental marketplace Nestaway for $11 million in June.
Formerly known as Majesco Limited, Aurum PropTech provides data and analytics tools for real estate developers. On acquiring Nestaway in June Ashish Deora, Founder and CEO of Aurum said that he was confident that his company could take the struggling rentals marketplace to new heights.
There is still a lot of work to do on that it seems.
Loss for the period stood at INR 2,389 lakh ($2.9 million), up 120% on the corresponding period. Revenue recorded during the quarter was INR 5,753 lakh ($6.9 million) representing an 86.5% increase.
The listed company posted results this week that show that expenses doubled for the three months ended September 30th as employee expenses ballooned from INR 1,363 lakh ($1.6 million) to INR 2,744 lakh ($3.3 million). Meanwhile, finance costs, depreciation and amortization expenses and cost of sales all more than doubled since the acquisition.