India proptech company ApnaComplex, a leading apartment software management platform, was acquired by ANAROCK Group for an undisclosed amount. ApnaComplex currently operates in more than 80 cities across India with 22,000 developments using its system.
ANAROCK Group purchased the proptech firm from NestAway Technologies, a rental housing operator that counts Goldman Sachs, Tiger Global and InnoVen Capital among its backers.
It has no intention to incorporate ApnaComplex into its other real estate operations but will instead look for opportunities to increase implementation of the proptech platform among existing clients.
“We are clear that the business will run independently and with a distinctive culture that the technology world demands. We are ready to invest aggressively in this platform to bring in the required product features and to hire key talent to help deliver value to all stakeholders,” ANAROCK Chairman Anuj Puri said.
He continued, “Simultaneously, to connect our developer relationships to make these automated services available to a much wider clientele in India, and piggy-back our cross-border business in GCC for global expansion. We will look beyond just large societies and include small- and medium-size complexes, to scale up substantially over the next few years.”
ANAROCK offers a number of services across multiple real estate segments including residential, commercial and retail.
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What does proptech from ApnaComplex do?
Proptech from ApnaComplex offers developers and property management companies a one-stop solution for managing residential projects. Its software platform offers financial management, data recording and storage; assistance with day-to-day operations; and community connectivity.
ApnaComplex is a hosted solution that doesn’t require infrastructure setup or physical hosting. The firm charges a monthly subscription to use its service.
Founded in 2010, ApnaComplex is based in Bengaluru. The proptech player estimates that it has nearly 600,000 apartment units under its watch with this number likely to increase after being sold to ANAROCK.
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Interesting View
While the short-term focus will be on domestic growth, ANANROCK clearly sees the addition of ApnaComplex as an important one for eventual overseas expansion. The company will need to figure out how to package various service offerings if ANAROCK truly has no intentions on incorporating its newest acquisition into a singular platform.
