Square Yards, one of the country’s foremost property brokerage brands, has acquired Azuro, the rental platform based in Mumbai. This acquisition is part of Square Yards’ expansion plans and the whole Azuro team including the co-founders has joined the company. They will continue functioning with the same name under the Square Yards umbrella.
Azuro was founded by IIT Bombay alumni Ayush Agrawal, Altaf Ahmad, Sudhanshu Mishra, Vishal Chauthmal and Sushant Kumar in the year 2016. The startup provides property management and rental services. It takes care of the whole process of finding tenants, getting background checks done, automating rent collection, exits of tenants and maintenance of the property.
The Founder and CEO at Square Yards, Tanuj Shori, stated that Square Yards is creating an intermediate ecosystem for the Indian realty industry which necessitates acquiring the very best talent and technologies in the country. He also lauded the innovative approach taken by Azuro for gaining market share in the big property management and rentals segment. This deal will naturally add more synergies to the present value chain according to Shori who also added that property management and rentals segments present opportunities worth billions of dollars.
He also opined that these segments are still under-served in the Indian market while outlining the brand’s plans to scale up the business in the domestic market and also worldwide across Australia, UAE and Canada among other markets. Altaf Ahmad, the co-founder at Azuro, stated that the company will be aiming at leveraging the vast operational resources, reach and consumer platform (squareyards.com) of the parent brand for entering into the next growth phase. Azuro has been previously backed by Mumbai Angels, Kae Capital and White Unicorn Ventures. These investors will be joining Square Yards’ cap table post the acquisition.
Partner at Kae Capital, Gaurav Chaturvedi, has opined that this acquisition will aim to capture a huge opportunity in the offline-to-online (O2O) real estate services space.
For a detailed report on this read the articles we were featured in:
Realty NXT: https://bit.ly/2vYhCG9
Economic Times: https://bit.ly/2H7qA6c
Business Standard: https://bit.ly/2tDA5Hd
Bw Disrupt: https://bit.ly/2uuTTwP
Deal Street Asia: https://bit.ly/3bo4WIM
Daily Research Chronicles: https://bit.ly/387wcJO
Published Date: 7 February 2020