Aurum Proptech approves to invest $5 million in TheHouseMonk
Aurum Proptech Ltd has approved an investment of USD 5 million in TheHouseMonk, a B2B SaaS company focussed on rental real estate industry at its board meeting held on Friday.
TheHouseMonk plans to deploy these funds to fuel its expansion into Europe and US, as well as consolidate its position in Asia, which serves as its core market today. It also plans to hire aggressively into its tech team to build advanced AI/ML (artificial intelligence/machine learning) capabilities, and to strengthen its overall product portfolio.
“Over the past few months, we have been on an inorganic growth spree and TheHouseMonk is one more addition to our list of portfolios in our pursuit to capture the entire proptech chain seamlessly. We found TheHouseMonk as a great fit for optimising efficiency in the residential rental business with the compelling proposition being property managers being able to operate the platform,” said Ashish Deora, founder and chief executive officer of Aurum Ventures, the parent company of Aurum PropTech, which is building an integrated proptech platform.
Established in 2019, TheHouseMonk with its portfolio of 100 clients across 15 countries. It helps property managers and landlords monetize, maintain and manage their rental portfolio through its technology platform.
“We are very excited to partner with Aurum PropTech as we continue building the de facto platform for the rental real estate industry. Adoption of technology has increased significantly due to the pandemic as landlords, property managers and tenants are looking for digital solutions to manage their relationship and our platform is perfectly positioned to serve this growing need in the market.” said Ajay Kumar, Co-Founder and CEO of TheHouseMonk.
In July 2021, Aurum PropTech had approved the acquisition of 51% stake in Pune-based software technology firm K2V2 for ₹40 crore followed by 49% stake in Mumbai based asset management company Integrow Asset Management Pvt. Ltd in October 2021.
About Aurum PropTech:
Aurum PropTech Limited is a listed company with BSE Limited (Scrip code: 539289) and National Stock Exchange of India Limited (Scrip code: AURUM).
About Aurum Ventures:
Aurum Ventures (www.aurumventures.in), is a new age Real Estate Group with end-to-end capabilities from Acquisition, Design, Execution, Project Management, Sales, Property Management, Leasing and Hospitality. It is bringing digital transformation to real estate sector by creatina PropTech Ecosystem.
About TheHouseMonk :
In 2019, Ajay Kumar and Balaji Varadharajan launched TheHouseMonk after successfully exiting their previous venture, Cozee Homes, which was a home rental marketplace focussed on India. Building a B2C business in the home rental industry gave them many insights, which led them to launch TheHouseMonk. Fuelled by the Millennial and Gen Z behavioural pattern and growth of IT-ITES, industry Rental Housing is booming especially in India.
It has created a huge market for organised and new-age Coliving players who are looking to scale up. Real Estate Private Equity companies are making large investments in buying single family rental properties, while co-living and student housing operators have raised significant capital from venture capital firms recently. TheHouseMonk’s software solutions is an ideal platform for these players to organise and scale up their businesses.
Media contact: Kailash Rajwadkar
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