proptech: Aurum PropTech will invest $5 million in the rental management platform TheHouseMonk

Aurum PropTech, a publicly traded information technology company controlled by real estate developer Aurum Ventures, will invest more than $5 million through a combination of debt and equity capital injection into a platform – TheHouseMonk rental management form owned by Monk Tech Labs.

The Bangalore-based company, a SaaS B2B company focused on the rental property industry.

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 currently its main market.

It also plans to aggressively hire in its technical team to develop advanced artificial intelligence and machine learning (AI/ML) capabilities and to strengthen its overall product portfolio. Of the $5 million, approximately $2 million will be paid out as equity and the rest as debt.

“Over the past few months, we have been on an inorganic growth frenzy 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 a great way to improve the efficiency in the residential rental industry,” said Ashish Deora, Founder and Managing Director of Aurum Ventures.

According to Deora, TheHouseMonk offers property owners and managers a compelling proposition to monetize, maintain and manage their rental portfolio through its technology platform.

Fueled by the Millennial and Gen Z behavior pattern and the growth of IT-ITES, the rental housing sector is booming, especially in India. It has created a huge market for organized, new-age co-living and student housing players looking to expand.

“We are very pleased to partner with Aurum PropTech as we continue to build the de facto platform for the rental property industry. Technology adoption has increased dramatically due to the pandemic as landlords, property managers and tenants seek digital solutions to manage their relationship and our platform is perfectly positioned to meet this growing need in the marketplace,” said Ajay Kumar, co-founder and CEO of TheHouseMonk.

Real estate private equity firms are investing heavily in the purchase of single-family rental properties, while co-living and student housing operators have recently raised significant capital from venture capitalists. TheHouseMonk’s software solutions provide a platform for these and other players to organize and grow their businesses.

In July 2021, Aurum PropTech had approved the acquisition of a 51% stake in Pune-based software technology company K2V2, followed by a 49% stake in Mumbai-based asset management company Integrow Asset Management Pvt. Ltd in October 2021.