Aurum is acquiring Indian proptech startup NestAway for $10.9M.

 

Aurum is acquiring Indian proptech startup NestAway for $10.9M.  The transaction price represents a nearly 95% drop over its peak valuation of $227M in 2019.  Aurum initially acquired NestAway's unit for $6.8M.  It is now adding another $3.6M to stabilize NestAway's business, per TechCrunch.  NestAway's troubles can be partially attributed to the pandemic, due to which rental listings on its platform dropped from 50,000 to 18,000 properties.  As a result, the company's revenues tanked to $3M in 2022, down from $9.5M two years ago.  The acquisition deal marks almost a complete write-off for investors.   The firm had raised $115M in VC funding from Sequoia Capital India, Tiger Global, Goldman Sachs, Chiratae Ventures, and others.