Aurum PropTech, formerly known as Majesco, has approved acquisition of 53% equity stake in Bangalore-based co-living company Grexter Housing Solutions for Rs 27 crore.
Grexter Living will be utilising this growth capital to scale up its business in co-living space. It is aiming to strengthen product offering by improving its technology platform and focusing on community-led engagement in its co-living spaces.
Grexter Living uses technology platform TheHouseMonk, which is a product of Aurum PropTech Group Company.
“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” said Ashish Deora, Founder & CEO of Aurum Ventures.
Since the acquisition of Aurum PropTech by Aurum Ventures in June 2021, it has acquired control of SaaS based technology firms K2V2 Technologies Private Limited (Sell.do) and Monk Tech Labs (TheHouseMonk). It has also invested in Integrow Asset Management Pvt. Ltd, an asset management company.
“Aurum PropTech’s Integrated PropTech ecosystem will act as a force multiplier for our co-living business and with the influx of funds we would be able to accelerate the growth at Grexter Living,” said Pratul Gupta, Co-Founder and CEO of Grexter Living. “Grexter Living’s USP lies in creating community experiences in its spaces, which has become vital for rental real estate consumers post Covid-19.”
According to Gupta, the company plans to scale rapidly and become the largest co-living operator in India in the next 18 to 24 months.
Globally and in India, real estate consumption has transformed with millennial behavioural pattern and growth of IT-ITES industry. Conventional challenges faced by both owner and the tenant are bridged by co-living and co-working companies.
Co-living spaces are ideally suited for working professionals with an age group of 22 years to 30 years. According to all recent research reports, the connected living and shared spaces is expected to increase its market share through co-living and co-working.