Aurum PropTech Acquires PropTiger in Major Expansion Move

Aurum PropTech Ltd announced a strategic acquisition on Wednesday, securing the housing brokerage platform PropTiger from Australia's REA Group in a deal valued at Rs 86.45 crore. This acquisition forms a significant part of Aurum's ongoing expansion strategy.

The company plans to facilitate this acquisition by issuing preferential shares to REA India. Aurum PropTech's Board approved the acquisition of 100 percent equity shares of PropTiger Marketing Services India Pvt Ltd from REA India Pte, Singapore, through an all-stock equity swap.

Gurugram-based PropTiger reported a turnover of Rs 100.93 crore for the 2023-24 fiscal year and has been a noteworthy player in the real estate brokerage domain. Meanwhile, Aurum PropTech is set to broaden its portfolio with the recent SEBI approval to launch its Small and Medium Real Estate Investment Trust (SM-REIT).

(With inputs from agencies.)