Aurum PropTech Ltd Approves $ 5 Million Infusion In Saas TheHouseMonk Platform
Aurum PropTech Ltd approved a mix of debt and equity infusion of $ 5 million into Monk Tech Labs Pte Ltd (“TheHouseMonk”), a B2B SaaS company focused on the rental real estate industry at its meeting of board of directors held on Friday.
TheHouseMonk plans to deploy these funds to fuel its expansion in Europe and the United States, as well as to consolidate its position in Asia, which is today its main market. It also plans to aggressively hire its technical team to develop advanced AI / ML (artificial intelligence / machine learning) capabilities and to strengthen its overall product portfolio.
“Over the past few months, we have experienced inorganic growth and TheHouseMonk is another addition to our list of products and services enabling the creation of the entire PropTech value chain. We find TheHouseMonk to be an excellent choice to improve the “Residential rental efficiency. It offers a compelling proposition for owners and property managers to monetize, maintain and manage their rental portfolio through its technology platform,” said Ashish Deora, Founder and CEO of Aurum Ventures.
“We are very excited to partner with Aurum PropTech as we continue to build the de facto platform for the rental real estate industry. Adoption of the technology has increased dramatically due to the pandemic as homeowners , property managers and tenants are looking for digital solutions to manage their relationship and our platform is uniquely positioned to meet this growing market need, ”said Ajay Kumar, co-founder and CEO of TheHouseMonk.
Fueled by the Millennial and Gen Z behavioral model and the growth of IT-ITES, the rental housing industry is booming, especially in India. It has created a huge market for organized coliving and new age and student housing players looking to expand. Real estate private equity firms are investing heavily in the purchase of single-family rental properties, while Coliving and student housing operators have recently raised significant capital from venture capital firms. TheHouseMonk software solutions are an ideal platform for these actors to organize and grow their businesses.
In July 2021, Aurum PropTech approved the acquisition of 51% stake in Pune-based software technology company K2V2, followed by 49% stake in Mumbai-based asset management company Integrow Asset Management Pvt. Ltd in October 2021.
Aurum PropTech Limited shares were last trading in the BSE at Rs. 145.35 from the previous close of Rs. 153.00. The total number of shares traded during the day was 30,365 in over 721 trades.
The stock hit an intraday high of Rs. 153.00 and an intraday low of 145.35. The net turnover during the day was Rs. 4,438,981.00.