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Aurum Proptech is an Indian PropTech company headquartered in Navi Mumbai. Incorporated as a public Limited company in June 2013,[2] owned by Aurum Ventures group founded by the Ashish Deora in 1999. The company is involved in the property technology business with technology, capital and services businesses.[3]
| Company type | Public company |
|---|---|
| ISIN | INE898S01029 |
| Founded | 1999 |
| Founder | Ashish Deora |
| Headquarters | Mumbai , India |
Area served | India |
| Revenue |  ₹10.79 crore (US$1.3 million) (FY 2023-24) [1] |
| ₹25.12 crore (US$3.0 million) (FY 2023-24) | |
| Total equity | ₹19.93 crore (US$2.4 million) (FY 2023-24) |
| Website | www |
History
editAurum PropTech was originally founded as Majesco which started operations as a subsidiary of Mastek, a multinational software company. Majesco served as Mastek's insurance business to leverage the opportunities in the growing global market.[4] Its main business was in the United States, where the company was known as MajescoMastek. It provided core technology solutions and services focused on property and casualty (P&C), life and annuity (L&A), and group and employee benefits insurance carriers.[5]
In 2020, Majesco clocked revenue of Rs 1,040.5 crore, with a five-year compounded annual growth rate of 6.56 percent.[6] The company grows as insurtech technology innovations in insurance company with 200+ global customers, according to its annual report in 2020.[7]
In March 2021, property developers Aurum Platz IT acquired the promoter's stake of 14.78 percent in Majesco. It extended an open offer to shareholders to acquire 26 percent more stake in the company.[8] By June 2021, Aurum Platz IT acquired 34.57 percent stake in the company.[9] Later in October the same year, the company's name was changed to Aurum Proptech.[4][10]
In December 2021, they acquired a majority stake acquired in the rental management Software Platform,TheHouseMonk.[11]
In April 2022, they made a 100% acquisition of TheHelloWorld, a Co-Living platform as well as the data analytics company, Career socially.[12]
In May 2023, Aurum Proptech launched the Aurum WiseX and made a 100 percent acquisition of Myre Capital platform and YieldWiseX.[13][14]
In June 2023, they acquired a 100% stake in NestAway.[15] As of FY 2024, Aurum PropTech's total income rose to Rs 233.07 crore in 2023-24 from Rs 139.05 crore a year ago, according to a regulatory filing.[16]
References
edit- ^ "BSE - Aurum Proptech report" (PDF). Retrieved 2024-06-26.
- ^ "Aurum Proptech Listing Information". The Economic Times. 2024-04-01. Retrieved 2024-06-26.
- ^ "Pioneering India's Proptech Ecosystem; Dolat Capital Initiates Coverage With A Buy". NDTV Profit. 2024-05-10. Retrieved 2024-06-26.
- ^ a b Sonavane, Ravindra (2015-06-26). "Mastek shares hit 15-year high after demerger of its insurance arm". mint. Retrieved 2024-06-26.
- ^ "Aurum Proptech Information". The Economic Times. 2024-04-01. Retrieved 2024-06-26.
- ^ "Icici - report majesco" (PDF). Retrieved 2024-06-26.
- ^ "HDCFSec Report Majesco" (PDF). Retrieved 2024-06-26.
- ^ "Aurum Ventures acquires promoters stake in Majesco; makes open offer". BusinessLine. 2021-03-22. Retrieved 2024-06-26.
- ^ Babar, Kailash (2021-03-22). "Aurum Ventures acquires listed co Majesco's promoter stake; makes open offer". The Economic Times. Retrieved 2024-06-26.
- ^ "Company Name Change of Aurum Proptech Ltd". Goodreturn. 1970-01-01. Retrieved 2024-06-26.
- ^ Babar, Kailash (2021-12-17). "Aurum PropTech to invest $5 million in rental management platform TheHouseMonk". The Economic Times. Retrieved 2024-06-26.
- ^ "Aurum PropTech acquires 100% stake in Bangalore-based HelloWorld; stock climbs ~3%". indiainfoline.com. 2022-03-25. Retrieved 2024-06-26.
- ^ Khan, Sobia (2023-05-02). "Aurum PropTech acquires MYRE Capital's platform". The Economic Times. Retrieved 2024-06-26.
- ^ "YieldWiseX strengthens its leadership team with senior hires to accelerate growth". CXOToday.com. 2023-07-28. Retrieved 2024-06-26.
- ^ "Aurum PropTech to fully acquire home rental platform NestAway for Rs 90 cr". Business Standard. 2023-06-02. Retrieved 2024-06-26.
- ^ "Aurum PropTech loss widens to Rs 55 cr in FY24, income up 68% at Rs 233 cr". Business Standard. 2024-04-29. Retrieved 2024-06-26.