Based on people with direct knowledge of the development, Aurum PropTech is set to acquire Goldman Sachs, Tiger Global, and Ratan Tata-backed managed rental home company NestAway Technologies through a complete buyout of all existing shareholders.

Aside from the founders, the company's shareholders include global institutional investors and prominent business figures such as Tata Sons' former chairman.

Flipkart, Chiratae Ventures, and a university fund are among the key investors in the online home rental marketplace, which was founded in 2015. NestAway has successfully raised $110 million in funding from prominent investors to support its growth and expansion plans over the years.

Aurum PropTech is expected to pay more than $20 million for the proposed acquisition, which will be one of the first such buyout deals for a rental platform.

"The transaction is nearing completion, and the majority of existing shareholders have already agreed to participate." "It's likely to be inked soon," said one of the individuals mentioned above.

In 2019, the company's most recent investment round was valued at $230 million. However, the valuation has dropped since the Covid-19 pandemic. The platform currently has over 39,600 tenants spread across 10 cities.

"Aurum PropTech, like Brazil's proptech unicorn QuintoAndar, is hoping to ride the growth in India's residential rental market." NestAway was designed and operates on similar metrics as QuintoAndar, making it a strategic fit in the Aurum ecosystem, according to another person mentioned above.

NestAway co-founder and CEO Amarendra Sahu declined to comment. Separate email inquiries to NestAway, Aurum PropTech, Tiger Global, Goldman Sachs, Flipkart, Chiratae Ventures, and Ratan Tata went unanswered until the time of publication.

This will be Aurum PropTech's eighth proptech acquisition in the last year.