Nestaway Parent Aurum PropTech Sees Basic Landlord Listing Product Launch Pay Off in Q3

Aurum PropTech, the parent company of Indian rentals marketplace Nestaway, says that its relentless focus on unit economics has paid off with record profitability in the third quarter of its financial year.

For the first three quarters of the financial year, Aurum generated a total income of ₹ 206.9 crores ($23.9 million) a figure representing 24% growth compared to the comparison period in 2023.

Source: Aurum PropTech, press release.

In 2023 Mumbai-based Aurum acquired Bangalore-based Nestaway in a deal which reportedly valued the rentals marketplace at 95% less than it was worth before the pandemic. One of the portal's founders has since filed a police complaint alleging investors sold the business to Aurum without his signature.

Apart from Nesaway, Aurum also operates a property management business named The HouseMonk and the co-living platform HelloWorld. These businesses are grouped in reporting under its 'Rentals' segment which saw year-on-year growth for the period of 28%.

The company noted in a press release that it now manages 33,500 rental units across co-living and family rentals in 15 cities across India and highlighted the growth of Nestaway Lite, a basic listing product for landlords.

Elsewhere Aurum's Distribution segment which includes its data analytics, marketing automation and sales automation products saw solid growth and a Net Margin of 8% for the period.