Aurum PropTech acquires 100% stake in Bangalore-based HelloWorld; stock climbs ~3%

25 Mar 2022 , 03:43 PM

Aurum PropTech Limited informed that the Board of Directors of the company has approved the acquisition of 100% of the share capital of HelloWorld Technologies Pvt Ltd (HelloWorld), one of the largest Co-living Companies in India. The cost of acquisition is Rs42 crore, which is equivalent to the current annualized revenue run rate of HelloWorld.

Upon completion of the acquisition, a further infusion of an amount up to Rs18 crore shall be made in HelloWorld through either fresh equity/ loan/ line of credit/ convertible note in the form of growth capital.

The investment aligns with Aurum PropTech’s strategy to create an Integrated PropTech Ecosystem focused on the complete value chain of Real Estate.

Acquisition of equity shares, to hold 100% of share capital shall be done in one tranche on or before December 2022, subject to complying with closing conditions.

HelloWorld reaches across 16 cities in India offering shared living to Indian millennials with more than 10,000 contracted beds, being one of India’s largest co-living enterprises.

Aurum PropTech ended at Rs123.85, up by Rs3.75 or 3.12% against its previous closing of Rs120.10. It touched an intraday high and low of Rs125.50 and Rs116.60 respectively in today’s trade.