Receive News Updates by E-Mail
Connect with us

Technology

Square Yards acquired Mumbai based Azuro, rentals and property management

Published

on

squareyards

The entire team of Azuro including its co-founders, have joined Square Yards and will continue to operate under the larger umbrella with the same brand name.

Square Yards, India’s largest proptech brokerage, today announced that it has acquired Mumbai based Azuro, one of the largest rentals and property management platforms in India. The entire team of Azuro including its co-founders, have joined Square Yards and will continue to operate under the larger umbrella with the same brand name.

Tanuj Shori, Founder & CEO of Square Yards, said, “Square Yards is building an integrated intermediary eco system for the real estate industry and this requires the best of technology & talent. Azuro’s innovative approach in grabbing market share in the large rentals and property management sector gives us opportunity to add synergies to the current value chain. Azuro’ founding team is among the best in the business, strengthening our management bandwidth as well. Both rentals & property management are multi-billion opportunities but currently under-served in India. We will look forward to scaling this business in India and further globally in countries like UAE, Canada & Australia where we have a significant presence.” 

Founded in 2016 by IIT Bombay alumni – Altaf Ahmad, Sushant Kumar, Sudhanshu Mishra, Ayush Agrawal and Vishal Chauthmal, Azuro offers a 360 degree rentals & property management solution by taking care of the logistical and tactical pain points involved with finding a tenant, background checks, automated rent collection, property maintenance and tenant exits. Its technology allows accurate pricing of the properties, faster tenants finding and providing best in class service to the customers throughout the property ownership lifecycle. 

“We are extremely excited to integrate our end to end property management vision with Square Yards’ and we aim to catalyze the next phase of growth by leveraging Square Yards’ platform using its reach, operational resources, and the consumer platform squareyards.com ” commented Altaf Ahmad, co-founder of Azuro. 

Azuro has been backed by Kae Capital, Mumbai Angels, White Unicorn ventures, who will now join the cap-table of Square Yards after this acquisition. 

“It has been great to partner with Team Azuro from their very early days. They demonstrated the ability to create compelling product offerings in a highly fragmented market which enabled them to build a successful commercial operation. Coupled with Squareyards’ deep understanding of the Real Estate Brokerage market and a strong backbone of technology and people, the unification is primed to capture a big opportunity in the O2O (offline to online) Real Estate services market.” said Gaurav Chaturvedi, Partner at Kae Capital, who has made an early investment in Azuro.

In India approximately $32Bn of rent transacts annually and the brokerage opportunity of $3bn is expected to grow further as more consumers are inclining towards shared economy from asset ownership models. Property management in India is completely under-served and there are no organized players offering this service to an increasing number of property owners seeking a hassle free experience with tenants. With the impending rollout of the Model Tenancy Act, 2019, there are bright chances for the rental housing market to not only get regulated but also ripe for disruption through the use of technology. 

Square Yards, being the largest tech player in primary market & mortgage brokerage, with an annual revenue run rate of $45mn and its gross transactional transaction value of $1bn this year; is positioning itself to play a critical and leadership role in consolidating this fragmented market.

ALSO READ: Compass nearly tripling its technology team since Sirosh took the role

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

© 2020 RealtyNXT | All Rights Reserved.