Aurum PropTech, formerly known as Majesco, said on Monday that its board of directors has approved an injection of up to Rs 27 crore for a 53 percent equity share in Grexter Living, a Bangalore-based co-living company. While the acquisition is in keeping with Aurum’s inorganic development strategy of producing goods and services in the PropTech value chain, Grexter Living will use the funds to expand its co-living business, according to a press statement. Grexter Living, which uses the Aurum product TheHouseMonk, seeks to improve its product offering by enhancing its digital platform and concentrating on community-led involvement in its co-living spaces, according to a press release.
“Grexter Living is a strategic fit in our connected living segment of integrated PropTech ecosystem. With this acquisition, we continue our inorganic growth spree of building products and services in the PropTech value chain. With SaaS products already in our ecosystem, Grexter Living will further add to our Real Estate as a Service (RaaS) business” Aurum Ventures Founder and Chief Executive Officer Ashish Deora said.
Observing the situation Aurum’s integrated PropTech ecosystem, according to Grexter Living Co-Founder and CEO Pratul Gupta, will operate as a force multiplier for its co-living company.
“With the influx of funds, we would be able to accelerate the growth at Grexter Living. We plan to scale rapidly and become the largest co-living operator in India in the next 18 to 24 months,” he added.
Aurum Ventures has taken ownership of SaaS-based technology businesses K2V2 Technologies and Monk Tech Labs since acquiring Aurum PropTech in June 2021. Integrow Asset Management, an asset management firm, is another company in which it has invested.
