Homegrown property consultant Anarock has acquired society and apartment management platform ApnaComplex from Bengaluru-based NestAway Technologies for around Rs 100 crore.
Anarock announced the deal late Monday but did not disclose the deal value.
Over 22,000 apartment societies are using the ApnaComplex platform in over 80 cities across India. NestAway Technologies is a leading rental housing operator funded by Goldman Sachs, Tiger Global, UC-RNT Fund, IDG India, Chiratae Ventures and InnoVen Capital.
Anarock group had said in a statement that it had acquired a 100 per cent stake in ApnaComplex.
According to market sources, Anarock has acquired ApnaComplex for around Rs 100 crore.
When contacted, Anarock Chairman Anuj Puri said the platform has an annual revenue of around Rs 6.5 crore.
He refused to comment on the deal size.
"From buying and selling homes to managing and maintaining them, real estate digitalisation is now a root concept. ApnaComplex is a pioneer in providing housing societies and households with a reliable and trustworthy tech platform for managing their properties." "We are clear that the business will run independently and with a distinctive culture that the technology world demands," Puri said.
The company is ready to invest aggressively in this platform to bring in the required product features and hire key talent.
"Our acquisition rationale is to extend innovative features and tech upgrades for homeowners, residents, society managing committees, as well as facility and security management teams," Puri said.
The advanced tech stack is hosted in the cloud, availed through an intuitive front-end mobile app/web portal, and completely automates societies' day-to-day operations, gated communities, and apartment complexes.
It is a mini-ERP and security solution with major modules for billing and accounting, security and gate management, community engagement, resident services, and facility management, combining to render residents' unique experiences.
Anarock clocked 36 per cent growth in its revenue at Rs 256 crore in the last financial year despite demand slowdown in the Indian real estate market.
It provides various services, including residential broking and technology, retail (in partnership with Vindico), commercial, investment banking, hospitality (via HVS Anarock), land services, industrial and logistics, investment management, research, strategic advisory and valuations and project management services (in partnership with Mace).