Aurum PropTech Ltd (formerly known as Majesco Ltd) on Sunday said it will acquire 49% stake in Integrow Asset Management Pvt Ltd for Rs 25 crore, to enable the convergence of property technology and fintech.
The board of Aurum Proptech has approved the acquisition, which is expected to be completed by March 2022. Aurum’s investment will comprise of equity shares and optionally convertible debentures issued by Integrow, a financial services company that offers investment management and advisory services.
Mumbai-based Integrow was set up in 2020 by Ramashrya Yadav, a former CEO-real estate practice at Edelweiss Financial Services Ltd.
The investment is in line with Aurum Proptech’s strategy to bring digital transformation in the real estate sector by creating an integrated Proptech ecosystem covering customer digital journey, property and asset management, development, investment and financing of assets.
“This investment is a keystone towards our approach of building a 360-degree platform in real estate to consistently bring efficiency for all stakeholders,” said Ashish Deora, founder and CEO of Aurum Ventures, the parent company of Aurum Proptech, which is building an integrated Proptech platform.
“We will not just be an asset management company anymore. The capital will be used for growth and expansion, and in upgrading the tech platform. This investment would empower us to disrupt and exponentially grow technology-led real estate asset management business in India,” said Integrow’s founder and CEO Ramashrya Yadav.