Aurum PropTech pick up 49% stake in Integrow Asset Management for Rs 25 cr

Aurum PropTech (formerly known as Majesco Ltd) on Sunday said it will pick up 49 per cent stake in Integrow Asset Management for Rs 25 crore.

"The Board of Directors of Aurum PropTech Ltd...has approved the acquisition to effectively hold 49 per cent of the fully paid up equity share capital of Integrow Asset Management Pvt Ltd, a tech-led real-estate focused asset management company for an aggregate cash consideration of up to Rs 25 crore," a regulatory filing said.

The indicative time period for completion of the acquisition is by March 2022, it added.

In a statement, Aurum PropTech said the investment is in line with its strategy to bring digital transformation in the real estate sector by creating an integrated prop-tech ecosystem covering customer digital journey, property and asset management, development, investment and financing of assets.

Aurum's investment will comprise of equity shares and optionally convertible debentures issued by Integrow, it added.

"This investment is keystone towards our approach of building 360-degree platform from asset management, customer experience to investment and financing in real estate sector in order to consistently bringing efficiency for all stakeholders," Ashish Deora, founder and CEO of Aurum Ventures - the parent company of Aurum PropTech, said.

In July, 2021, Aurum PropTech had approved the acquisition of 51 per cent stake in Pune-based software technology firm K2V2 for a consideration of Rs 40 crore.

"This investment would empower us with velocity to disrupt and exponentially grow technology led Real Estate Asset Management business in India driven by cumulative power of strong ecosystem of technologies Aurum PropTech is investing across the value chain," Integrow founder and CEO Ramashrya Yadav said.