Aurum PropTech Limited (NSE: AURUM) Q1 2026 Earnings Call dated Jul. 25, 2025
Corporate Participants:
Unidentified Speaker
Vanessa Fernandes — Investor Relations
Ashish Deora — Founder & CEO, Aurum Ventures & Director
Onkar Shetye — Executive Director
Kunal Karan — Chief Financial Officer
Rihen Shah — Investor Relations
Analysts:
Unidentified Participant
Param Vora — Analyst
Shivang B — Analyst
Darshil Jhaveri — Analyst
Faisal Hawa — Analyst
Pranav Mashruwala — Analyst
Rahul Jain — Analyst
Ashish Kumar — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q1FY 2026 earnings conference call of Aurum PropTech Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. I now hand the conference over to Ms. Vanessa Fernandez. Thank you. And over to you.
Vanessa Fernandes — Investor Relations
Thank you, Yashasree. Good evening everyone and thank you for taking the time to join us today. A warm welcome to the Quarter 1 FY 2026 Earnings Call of Aurum PropTech Limited. We are joined today by Mr. Ashish Dheeora, Founder and CEO of Aurum Ventures, Mr. Omkar Shetty, Executive Director of Aurum PropTech and Mr. Kunal Kharan, CFO of Aurum PropTech. Quarter 1 has been a significant quarter for us in more ways than one. What you’ll see in our performance this quarter is not just financial progress, but signs of a maturing ecosystem where regulatory milestones, institutional partnerships and strategic expansion are beginning to converge meaningfully.
These developments are not just standalone events. They reflect the direction we are headed in as a company focusing on long term value creation and tech led disruption in real estate. Before we begin, I’d like to remind you that some of the statements made during this call may be forward looking in nature. These are subject to risks and uncertainties as detailed in our annual report and investor disclosures available on our website. With that, I’ll now hand it over to Mr. Ashish Dewara to begin.
Ashish Deora — Founder & CEO, Aurum Ventures & Director
Thank you Vanessa. And good evening everyone. It’s a privilege to welcome you all to the 17th earnings call of Aurumproptech. I am deeply grateful to each of you for joining us. Your continued interest and belief in our journey fuels everything that we do today. I want to share five key developments, not just numbers, but the story of how we are scaling a purpose led ecosystem, empowering our people and staying relentlessly focused on building long term value. Let’s begin with our financials. Our clearest signal of disciplined execution and operational excellence. Our total revenue grew by 29% on a YoY basis.
Our profit margins improved by 852 basis points. Year on year basis, our EBITDA margins grew by an impressive 826 basis points. And our adjusted EBITDA rose by 395 basis points. These results reflect more than just our commitment to revenue growth and cost control. They reflect a culture where every team member operates with a founder’s mindset. We do make every rupee Work every metric matter. With this momentum we are on track to deliver positive adjusted EBITDA in the near future confidently and sustainably. Moving on, the second milestone is the successful completion of our rights issue. This is more than capital, it’s a commitment.
It gives us the firepower to double our organic revenue in the next 27 to 30 months while staying true to our principles of capital efficiency and focused deployment. It lays the financial foundation for everything that comes next. The third and in many ways most transformative development. We have officially received the SM REIT registration from sebi. Backed by our real estate and tech expertise, we are now fully equipped to scale this offering with transparency, trust and integrity. We believe we will become India’s largest SM REIT platform within three years. A heartfelt thank you to Sevy for enabling this revolutionary asset class to SM REIT India will democratize real estate investing and open new doors for millions of investors.
Our fourth milestone is is the strategic integration of Prop Tiger into the Aurum family. We are thrilled to welcome 350 plus team members with deep expertise in primary residential sales and unmatched access to 300 + developers across India’s top eight cities. This acquisition not only accelerates our path to 1000 crore revenue, it also meaningfully rebalances our ecosystem, strengthening the distribution side along with our rental business. With synergies across Sell Dot Do, Aurum Analytica, Nestaway and Kuberx, we are now better equipped to serve the 38,000 crore addressable market in residential distribution segment. Finally, we are humbled to announce that Rea Group, a global leader in Proptech, has become a strategic shareholder in Aurum Proptech subject to the regulatory approvals.
For context, REA Group is a $20 billion company publicly listed in Australia and majority owned by News Corp. Their presence spans across Asia and North America. Rea’s conduct and rigorous due diligence before partnering with us has been inspiring and insightful. I would like to take this opportunity to thank the REA team both in India and Australia. We have learned a lot from you. Additionally, I would also like to thank the advisors for the transaction. I believe that this is a profound vote of confidence in Aurum in India’s top tech future and in all of you who have been part of this journey.
To conclude, investor calls are increasingly special. For me, every investor call is a moment of reflection and reminder of a larger purpose. We are building trust. We are creating an ecosystem that empowers people, that empowers builders, that empowers families and that empowers communities. We are shaping a future where Indian real estate is transparent, accessible and intelligent. Powered by data AI and your continued belief it’s a shared mission which now feels more possible than ever. Thank you for your trust. Thank you for your partnership. With deep gratitude I now hand over the call to omkar.
Onkar Shetye — Executive Director
Thank you Mr. Devra. The quarter yielded consistent year on year income. Rental businesses focused on tech adoption, improved customer experience and unlocking more revenue streams. As a result, income from dental segment between hello World and Nestwave grew 31% year on year standing at 48 crores. At the CO living business hello World we stood at a blended occupancy of 77% across 230 plus properties in 17,900 rental units under management. There was a 50% surge in short stay revenue driven by rising demand for flexible living. Our customer service turnaround time significantly reduced from 8 days to 2.2 days.
NestAway improved its operational efficiency and narrowed down losses. Nestaway launched its digital resale platform to leverage its relationships with property owners to unlock an additional revenue stream. The distribution business witnessed growth with multi product adoption across key accounts and growth in new markets with additional offerings in transaction management. We are looking at the distribution segment growing multifold in coming years. Aurum Analytica continued its growth momentum with 13 crores in revenue, a 64% year on year uplift. They sold 75,000 plus leads to 120 plus active clients across 230 plus projects in the capital segment. AMSA Investments, a subsidiary of Aurum Proptech has received approval from securities and Exchange Board of India to register its small and medium real estate investment trust under the name AMSA SM reit.
AMSA is evaluating a robust pipeline of Grade A income generating commercial real estate properties strictly adhering to the SM REIT Framework standards. We will take a prudent view before launching the first SM REIT scheme. I will now elaborate on the Prop Tiger transaction, its business and operations REA group and our synergies with it. Proptiger is a leading tech enabled real estate sales and marketing firm with Pan India presence through its full stack online to offline services proposition. It specializes in new build properties serving as an institutional intermediary connecting consumers with properties and real estate developers.
PropTiger has 300 plus developer relationships across eight tier one cities in the country with a mandate partnership and 350 people team engaged in sales and mortgage advisory. It has enabled more than 50,000 plus home sales since its inception and specifically 10,000 homes in the last three years. Home buyers put immense trust on the institutional brand that has 75 industry leading NPS. We acquired PropTiger from REA India Pte, a Singapore based entity which owns PropTiger and Housing.com in this strategic transaction, REA India Pte will get 5.5% ownership of Aurum PropTech Limited. REA India PT is owned by Rupert Muddock’s News Corp.
And REA Group. The REA Group is an ASX listed multinational, a globally recognized digital advertising business specializing in the property market. It has investments across the globe including realtair, realtor.com, proptrak, real estate.com flatmates.com amongst many other REA groups. Revenue from FY24 stands at US 1.1 billion with EBITDA of US 450 million and net profit of US 370 million. This demonstrate the scale of the group and our conviction in engaging with them for this grade A Proptech operation. The acquisition adds a key piece to scale up our distribution business which includes sales and marketing and transaction management business in primary residential sale.
We will also be able to unlock synergies with the ecosystem with rental business getting access to large multi city network to offer its real resale services. The distribution segment products can leverage PrepTiger’s relationship across 300 + developers in addition to the transaction management to offer more services to developers and increase its wallet share in the enterprise segment. The capital business benefits from access to home buyers fueling our loan recommendation engine Aurum Kuberx. With these milestones, robust operational performance, strategic engagement with REA India BTE and the approval of SM REIT. We have started Q1FY26 with the right building blocks in place to scale up our proper ecosystem across all three segments.
I will now hand over to Mr. Kunal Karan, CFO to take us through the financial results.
Kunal Karan — Chief Financial Officer
Thank you Ankar. I will quickly take you through the consulated results for the quarter ended June 30th, 2025. The revenue from operations INR 68.40 crores as compared to INR 70.41 crore in the previous quarter and INR 64.89 crore in the corresponding quarter previous year. Total income INR 76.96 crores as compared to INR 78.04 crore in the previous quarter and INr 69.10 crore in the corresponding quarter previous year. Loss before tax INR 10.78 crores as compared to INR 9 crore in the previous quarter and IN R 13.74 crore in the corresponding quarter previous year. The EBITDA for the quarter 28.4% as compared to 29.8% in the previous quarter and 17.4% in the corresponding quarter previous year.
Segment information for the quarter rental revenue contributed 70% of the total revenue from operations at INR 47.84 crore. Revenue for distribution in the capital segments were INR 18.88 crores and INR 1.68 crore respectively. Rental and capital segment had a loss of INR 4.07 crore and INR 3.86 crore respectively, while the distribution segment made a profit of INR 1.79 crore. An update on the Right Issue we have received INR 131.15 crore from the second and final call of the REIT issue and further INR 3.05 crore on follow up for the unpaid money. In totality, we have received INR 341.29 crore from the REIT’s issue in three tranches on application first call and second call.
I will now hand over the call to Yasha Sri to take it forward. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. To ask a question please click on the Raise hand icon tab available on the toolbar or you may click on Q and A icon to Raise hand. The operator will announce your name when it is your turn to ask a question. Please accept the prompt on your screen and unmute your microphone while proceeding with your question. You may post your text questions as well. We will wait for a moment while the question queue assembles. We’ll take our first question from the line of Param Vora from Trinetra Asset Managers.
Please go ahead.
Param Vora
Hi, thank you for taking my question. So what I wanted to ask was that the company has demonstrated compounded sales growth of 156% over last three years. So despite this strong top line growth the company continues to report negative profitability. So are there any industry specific cost pressures that are contributing to this and and how does management plan to mitigate this to achieve sustainable profitability?
Onkar Shetye
Thank you Param for your question. We are operating in two areas majorly. One is the rental business which is the largest scale of our operation which contributes to 60% of our of our income. By the nature it is a consumer tech business. It’s a marketplace platform which requires which requires expenditure on marketing operations till the time it reaches a steady state. In terms of number of consumers on the platform seeking rental properties and the right supply platform that can service these consumers, we see majority of expense going to boost this and support this. The distribution segment is profitable at an operational level and we see this trajectory going ahead with an operational profitability at the distribution segment.
The capital segment by nature, by the scale of its operation is not as large and is to be scaled up once we have a decent control on the assembly license and the license. Okay, thank you.
Param Vora
So can you give one or two year forward projections regarding your financials?
Onkar Shetye
While we are not allowed to make forward looking statements but we will look forward to continue this growth trajectory in terms of revenue. Just to call out the last three years post we completed our previous acquisition at Nestaway, we have demonstrated a robust growth. The KEGR for the last three years has been at 40% in the subsequent. In the. In the coming years since the prop tiger business, we are looking to grow at a 25% giga. And this trajectory. With this trajectory we are also looking to improve our operational efficiency and reach a breakeven by FY27 or 28.
Sorry, just to correct myself, we should be looking at growing at a 38% CAGR in the next three years.
Param Vora
Okay, thank you so much.
operator
Thank you. Next question is from Shivang. B from mk. Please go ahead.
Shivang B
Yeah, thanks for taking my question. Congratulations on a wonderful set of numbers. So my question, I have a two. For question post is regarding the capital segment in general and the assembly license in particular. Can you provide a timeline for launching the scheme? And do you plan to launch various schemes? What AEM are you targeting? What will the legal structure? I think you said that Arms investments will be a subsidiary of how long Drop Tech is it? And my second question is on the distribution segment. I can see a quarter on quarter dip in revenue and margins. So is there a seasonality to it? Also just to add on the prop. The prop type of acquisition will start reflecting in revenue from the next quarter. Is it? Thanks.
operator
Shivang. May I request you to mute your connection please. There’s a lot of background disturbance. Thank you.
Onkar Shetye
Shivang. We were able to get your first two questions and we are going to answer them and we’ll come to the third one later. With respect to the SM reit, first of all we’ve gone through a very rigorous and detailed process in consultation with the securities Exchange Board of India to receive the not to conduct this regulatory or business of SM reit. The nature of the regulation is new here. We would like to take a prudent view post looking at the market evaluating the SM REIT supply that is coming in that is coming in for us to get evaluated and then take A cognizant view on when to launch it.
We would not want to be the market maker in this segment. We would rather want to wait out see how the other SM REIT players are unfolding. This is a large TAM and we don’t need to rush into it. So this will be a wait and watch and then gradually launch the first SM REIT once we have fully understood the scale of supply and demand on this with respect to distribution, previous year, same quarter we had an additional revenue coming in from two exited business which we exited in H1 25 namely beyond balls and Kailas.
That which is why you are seeing a difference in revenue like to like comparable. There has been however an income growth when you look at two continued businesses between Analytica and Cello. As I mentioned in my transcript earlier, the Analytica business has grown. The distribution segment as such has grown 36%. Yui, when you look at both these operations or Analytica and Z2 Shivang we were not able to get your third question. If you can please repeat it.
Shivang B
Sure. So it was regarding the prop Tiger acquisition. Will we start seeing the revenue from next quarter?
Onkar Shetye
The proprietor acquisition by nature is in form of a preferred allotment. This will take time till end of August to get concluded post the conclusion of it post the closing date we will the revenues and the operations will be in our control and will be will be coming on to at outdrop day.
Shivang B
Okay, thank you.
operator
Thank you. We’ll take our next question from Darshil Zaveri from Crown Capital. Please go ahead.
Darshil Jhaveri
Hello. Hello. Hello.
operator
Yes, we can hear you. Please go ahead.
Darshil Jhaveri
Yeah. Hi. Hi. Thank you so much for taking my question. So I just wanted to ask like I think if planning to grow as a date this is and CAGR over the next three years but in the last if I would if you could allow me. I think the last five quarters our revenue has been in a range. So what do we see the current market status as? And like how do we break out of this range? Because this seems like something for the last five quarters. We want to deliver on growth but we are in a range.
Right? So how do we look at it quarter on quarter? Or should we just take an annual approach to it? Because a lot of businesses are starting right now for us. Like we are in four to five different active businesses. So a growth should kick in from somewhere. So just that’s my first question sir.
Onkar Shetye
Thanks for your question. Both the segments rental and distribution are seasonal and cyclical in nature. We should be seeing gradual optics in Q3 and Q4 with respect to income in both the segments and you’re right, we should be looking at the revenues and the income growth year on year rather than quarter on quarter.
Darshil Jhaveri
Okay, fair, fair enough sir. And I just wanted to know about like our breakeven plan. So I think sir you mentioned around FY27 28. So by that calculation I had around roughly 600cr level is what we would consider ourselves breakeven. Is that a fair assumption, sir?
Onkar Shetye
That’s correct. We are looking to reach a 550 to 575cr of revenue in FY27 which is where we are looking at.
Darshil Jhaveri
And that would be a break even on operations level or ebita.
Onkar Shetye
Sorry, sorry. Operational level.
Darshil Jhaveri
At operational level. Not at PAT level.
Onkar Shetye
Right.
Darshil Jhaveri
The PAT level would be even further away.
Onkar Shetye
Right? That’s correct.
Darshil Jhaveri
Okay, okay, fair enough. And just with regards to the acquisition of Prop Tiger, I think in the presentation we mentioned FY24 figures. So anything that we could get about FY25, how has that been? Is it a profitable business or what’s the revenue scale for itself?
Onkar Shetye
While we would have loved to give you the FY25 numbers, these are provisional in nature and we are waiting for the complete audit to be completed by re India PG and then disclosed. The FY24 numbers are available publicly. They have done 95 crore revenue. But I would look at the business from a three year perspective. Last three years Prop Tiger has done a 245 crore plus revenue in the transaction management business. While it has come at losses, we. See. Areas of optimization across three areas. One is the business support services which Prop Tiger ends up paying to their parent entity for functional support and management support coming in from the group entity. Second is the royalties that go in that that are from Prop Tiger to the group entity for ip. And third is the marketing fee that also comes in as support from the group entity to Prop Tiger. With these three and certain operational efficiency we are looking at the next 12 to 18 months to turn around the business and make it profitable while maintaining the revenue growth and also increasing it in the next one to 18 months.
Darshil Jhaveri
Okay, and this one, sorry is a clarification like I think we are seeing 555, 600 crores for FY27. That doesn’t include any Prop Tiger revenue.
Onkar Shetye
Right.
Darshil Jhaveri
That’s a additional kicker that we’ll have.
Onkar Shetye
Hello, that’s correct. It does not include Prop Tiger.
Darshil Jhaveri
Oh, okay, okay, okay, fair enough. I just like a broad range. Like just wanted to ask like now from a. Maybe a four to five year perspective. Like we are you know, having, you know, rental, distribution, capital and even property top Tiger now coming in. So in our journey, how would it be? Like will one business just scale up to another level or like will all be growing simultaneously? Like how do we see, like just what is your vision? So how do we see ourselves five years down the line? I know it’s a, maybe a bigger thing but I just want to understand our thinking and you know like how do we see the Indian market and how do we see our role in, you know, servicing the needs of Indian customers?
Onkar Shetye
Sure. So that’s a very crucial question. And we have also taken this view while going into the Prop Tiger acquisition. As of this quarter, 60% of the revenue contribution at Aurum Proptech comes from the rental business, primarily Nest Way and hello World, which are the most mature and scaled up businesses. From an operational standpoint with the transaction management business of Prop Tiger, the revenue contribution in the coming years will be a balance between rental and distribution with both contributing 45% each and then the rest of it getting contribution from the capital business. We see scale in the Prop Tiger business by the nature of its operation, the network presence and also the brand it has established itself for in the last few years.
Darshil Jhaveri
Okay, okay, fair enough answer. Just want to know in terms of our capital business like so SM Reed, we’ve got the license but we were, we are waiting for other players to come in. So what do you feel like is when could we be able to launch or what is your internal timeline for that? Sir?
Onkar Shetye
So one entity has already launched their SM reit. They are in the process or have already launched the second SM reit. And we are closely looking at how the, the regulation is playing out, how investors of SM REIT are, are looking at it, how the supply for the SM REIT test being is being looked at. We will take another two quarters to look at this market very closely. And then the the subsequent quarter which is either Q4 or Q1 FY27 we will look at entering into the SM REIT business or launching the first SM REIT asset.
Darshil Jhaveri
Okay, okay, Fair, fair.
Onkar Shetye
Okay.
Darshil Jhaveri
That’s it from my side. So all the best. Thank you so much.
operator
Thank you. We’ll take our next question from Govind Salyan from Artech. Sure. Fin Chemicals Ltd. Please go ahead. Govind, please check if your connection is on mute mode. Kovind Salyan, I repeat, Govind Salyan from Artech. Sure. Fin Chemicals Ltd. Since there is no response, we’ll move on to the next Question from Faisal Hawa from H.G. hawa and Company. Please go ahead.
Faisal Hawa
We had set our target of reaching 400 crores revenue by 26 ended. Sorry, 27 ended. So will that target now be just pulled ahead? Because now with 70 crores run rate in this quarter itself and say if we had headed for 280 crores and another 100 crores come from Prop Tiger, this may come through in 2600 itself. And can you also throw some light as to how our competition is now doing like no broker.com etc. Are they still bleeding and throwing money to expand or has has some kind of changes of mind taken place?
Ashish Deora
First of all I like to share with you that we have got the SM REIT registration. It has been weighing on our minds for last two or three investor calls when you asked this question about the SM REIT registration and we finally got it and I was delighted to share with, with you on this particular call. So that’s, that’s one, one great news. As far as numbers are concerned. Omkar has given some sort of, some sort of already some sort of forward looking numbers without kind of talking about it. So I think, I think the, I think you have to look at last three or four years of improvement of metrics, improvement of profitability across our businesses.
You can look at it on a consolidated basis and you can look at it on each and every business. While we are continuing to grow in revenue, we are improving our profitability metrics each and every quarter. And I think we just have to continue with that discipline. I think we just have to continue with the same numbers for next two or three years. Prop Tiger integration is something that we are looking forward to because there are some great synergies with the existing business. Of course Prop Tiger has its own revenues, own profitability that we will achieve but it has great synergies with our businesses that are already in place.
So I guess what we have done in last four years in terms of revenue growth and a keen eye on profitability, we just have to probably continue that for next two or three years. And the numbers that you are talking about I think can be done faster than projected.
Faisal Hawa
And would you be able to throw some light on the parents involvement in Prop Tiger and if there are Singapore based entity then what kind of benefits they could give us because now the royalty payment will cease to them. So will they still help us out? And can you also throw some light on what the present management, the CEO who has been retained brings to the table for us and how you feel he could be of much value to us because we saw in the case of Nestaway that the previous management really helped us a lot in turning around.
And. Scaling up the business.
Onkar Shetye
Thank you. Fazer G. I’ll answer the second part first. Prop Tiger was founded in 2011 by Mr. Dhruv Agrawala and with REA India PT and the REA Group coming in. The way the Prop Tiger business has evolved over the past three to five years is that they have institutionalized it and made it not individual dependent. The present management team that has continued to be with Prop Tiger and is transitioning to Aurum with of course the Prop Tiger business is been at the helm of driving operations and this 24% CAGR that Prop Tiger has achieved in the last three three years in terms of income growth REA definitely helped them institutionalize this business with respect to management support, with respect to functional support, with respect to processes, with respect to tech and ip.
Owing to their global understanding of Prop Tiger of the proptech business in general, REA Group not only owns these India investments between Housing.com and PropTiger but it also owns prop tech businesses across Australia and us. What we will continue to get from the group is two things. One is of course the processes set by them which continue to be a part of the existing management team and the process run by them. And as a part of a transition support we will have a transitional support from the REA team over the next few quarters so that we’re able to absorb, integrate and stabilize the business under the Aurum Proptic fold.
I hope I’ve been able to answer your second query.
Faisal Hawa
So sir, have they lost left also any cash on books in this company and is there any particular reason that they decided to sell off this business? Because we have almost got this business at one time sales evaluation.
Ashish Deora
Well this is Ashish Fazalbai I think now the, now the proptech industry as a whole and the and the investors do look at Aurum to, to kind of integrate together. They look at, they look at working together and we believe that Top Tiger was a was one of that initiatives. So I mean sellers sell for a certain reason, buyers buy for a certain reason. So I’m unable to answer why, why were they selling. But yes I think it’s a great synergy for the products and offerings of existing offerings of Aurum which made great sense for us as far as 1x that you are talking about.
As you know we are very conservative, very conservative acquirers. We value companies very conservatively and by now since this is our eighth acquisition. By now I think when someone reaches out to us they already know that we will buy very conservatively. But what we bring is, what we bring to the transaction is certainty. What we bring to transaction is transparency. And probably that is why global capital allocators, global investors like REA or Tiger or Capitaland they are generally comfortable working with us in real estate. So probably that could be the reason if that answer your question.
Faisal Hawa
And sir, are you open to taking someone on board for the SM read? Something like a Brookfield or a very large institute with extremely deep pockets because you have been known in your previous avatar to always been collaborating with very big names.
Ashish Deora
We would like to build a little bit, right? I mean it’s too early in the game now. We believe it’s a nascent sector. It’s a business that is going to become very large. It is just starting. We have some players who have got this registration before us. As Onkar said, we are keeping a keen eye on what’s happening in the industry. So I think next year or so is about keeping that keen eye and kind of getting the first SMD out. Then a couple of years after that will be to really scale up and then it’s the time to really talk to talk to some domain experts or domain specialists if any.
But I mean we have our own real estate experience at the group level. We have our own tech experience at the Aurum proptech level. So we believe that we have all right ingredients to build out this business in near future. Any collaboration on this, if any would happen in future.
Faisal Hawa
I’ll come back into the queue for more questions.
operator
Thank you. Next question is from Pranav Mashruwala from Daulat Capital. Please go ahead.
Pranav Mashruwala
Hello.
operator
Yes Pranav, please go ahead.
Pranav Mashruwala
Yeah, yeah, yeah. Hi. Thanks for the opportunity. So one of my question was on the distribution and capital segments. So distribution segment profitability as well as revenue, they have declined quarter on quarter and capital segment even though the revenue has declined by about 60% the losses have gone up by 2x. So was there some divestment over here or property or some business that we exited? And on the distribution segment as well, have we made any restructuring efforts that led to this?
Kunal Karan
So first the distribution segment. So there is if you are comparing the numbers from March on the March quarter, look, March actually because last quarter of the financial year and we are really conservative in booking the revenues and other thing till we know exactly the receipt and other thing. So that is why March definitely get some additional revenue in that front. So There is no change in the structure and other thing that has happened for distribution. And in March what happened we got one one time revenue for for our efforts over the last I will say around 15 months.
So that is why the March revenue was definitely and the result was definitely higher. So that is why the deep is now seen in this quarter. But as such from operational side there is no change as compared to March and for the capital segment more or less the same thing. And maybe what we see in this current quarter will continue for the rest of the three quarters in the current financial year if we are not doing something in that assembly part in the current year.
Pranav Mashruwala
Okay, and on the rental side as hello World so I think one of. The things that we’ve highlighted is we’ve offboarded some of the underperforming properties has. Been something similar in Nestaway as well.
operator
Pranav, may I request you to mute your connection please. Thank you sir, Please go ahead.
Onkar Shetye
So in Nest Away I don’t think we can have a same apple to Apple comparison in terms of supply with hello World because Nestaway is a completely asset light, no lease, no no occupancy risk model. We have definitely activated more micro markets that are generating demand hotspots for us and that is where our focus on getting more signups and more properties at Nestaway will also be at.
Pranav Mashruwala
Okay, thank you.
operator
Thank you. Next question is from Rahul Jain from Daulat Capital. Please go ahead.
Rahul Jain
Hello. Hope my line is audible.
operator
Yes, please go ahead.
Rahul Jain
Yeah, hi. First of all congrats on two development. I understand the the assembly part of the thought process that it may take some time for us to scale up on that opportunity. But meanwhile on the distribution side how we are going to leverage some of this opportunity into a much larger scale up that we intend to do. Can you elaborate on that? You also shared that some of the synergy of this capability could be leveraged across business. So what are the plans for us in terms of scaling this business and also synergy of this asset into different segment for us?
Onkar Shetye
So we see Proptiger as a great fit for all three segments in terms of the network it brings on and the enterprise relationships it also brings onto table. For the rental segment we are able to get intelligence on apartments that were sold in the last five to seven years from a primary residential sales point of view that can be offered for rentals or prompt for rentals or also resale. Likewise Nestaway and hello World. Nestaway rather gets access to the 350/people team that is engaged in sales advisory for consumers who are looking to purchase apartments. On the other side, Prop Tiger also gets an additional resale inventory or the Prop Tiger team also gets a resale inventory to be looked at from a sale point of view, thus bettering their offerings in our market from a portfolio point of view.
On the distribution side, the developer is a clear winner here where he gets one point of access and institutional listed entity providing all three I would say tech enabled solutions for him to generate leads with data analytics to manage its consumer communication through sales automation and now also add on to the transaction management that Prop Tiger brings on. And at the other side we also get to increase our wallet share across the 700 developer relationships that we have at Seldo, around 150 odd developer relationships that we have at Analytica and likewise the 300 developer relationships that we have at Proptiger.
So it’s going to be a great cross sell opportunity for all three businesses. For the capital business, Kuvex are homegrown or our proprietary loan origination software gets a shot in the ARM which is now having access to this 350 people team network across eight cities where we are not only getting home loan seekers or prospects but we are also getting fulfillment ARM that can go on to transact home loans for them and at the end of it service it to the right bank. So all these segments benefit and that’s why we felt this is a great strategic fit for our business at the scale it is at.
Ashish Deora
Just to add, this is Ashish here just to add to what just said post our Nestaway acquisition. We had decided that we are going to look into businesses which are extremely synergic for our ecosystem. So for example, it could be a very compelling business in PropTech, but if it doesn’t have a synergy with our other products or other segments, then we are not going to look at that. So we had kind of made this internal sort of strategy two years ago and when we started looking at Prop Tiger we thought that one, the business itself is very solid of course and secondly then it was bringing synergies to three or four of our offerings and it was just sitting either in the forward integration or backward integration of these businesses.
And we thought that it was a great that is why it was a great strategic fit. And of course then the way rea kind of rea group the way both in India and Australia, the way they kind of handheld this, handheld the discussion and the comfort that they brought on the table that really kind of helped us to kind of make this decision.
Rahul Jain
So that. That’s an interesting thing. Just in more extension on that if you could share Ashish in terms of how we are going to leverage the tech part of it because all of these businesses are somewhere interlinked. And secondly on from the people side of it, how what the plan to do collaboration from a people’s point of view. So is it like a center of excellence kind of a model or they would be more getting onto a common call or something. So both on the tech on people’s head. If you could see how you plan to leverage that.
Ashish Deora
So you’re right. The assets or the. Or the strength that Pop Tiger has, it’s its team, its tech, its relationships and we have a roadmap in how how nestaway and Sell Dot do and Analytica and Kuberx how should they be able to kind of over over next few quarters utilize this strength and at the same point of time also strengthen Prog Tiger with our ecosystem. So it’s not only a one way, it’s not only a one way traffic. It’s to both. Right. And that is how the network effects of ecosystem should work. What we have also done for that same reason so that the integration is smooth, we requested one of the founders of Aurum Analytica to get freed up from Aurum Analytica as a CEO position from there and take over as CEO. Of. Block Tiger as and when the acquisition is completed. So that also helps us do the integration with the ecosystem. Prakash is somebody who has, who has, who understands the company, who understands Aurum for last three years. People like Jeetu, they understand the system and we kind of try to integrate this right at the management level from day one here rather than first acquiring and then trying to bring our management.
Onkar Shetye
So just to add there is already an existing center of excellence practice that Prop Tiger has which we intend to extend as a practice to the entire ecosystem. Very robust practice set by REA India PTE and that will definitely benefit the ecosystem. There’s one more added benefit of this business from. From across from an integration standpoint is that we get access to those 50,000 units that were sold by Prop Tiger across historically which can be now sweated across multiple PropTech revenue opportunities. Likewise, the average revenue per employee also gains to increase across all the three segments.
And that’s. That’s a dual benefit that we see coming in from the prop trigger transaction.
Rahul Jain
Yeah and just last one from my side with Ada coming into our cap table and they being invest, they being big investor in a similar prop tech ecosystem system do we see more opportunities to work along different form of business within the India or any other market or you think there’s not much future opportunity out there with them.
Ashish Deora
The way we see that these are, these are very early days. We have always regarded REA group from from the very beginning, from since the time we started back in 2020 2021. We have very high regards for the group. They have, they have demonstrated fantastic business in India already with Housing.com and Proclaimer and now we have this opportunity to also have them on our cap table. So to answer your question, it’s early days that what can be. What can be worked out in future. But I guess that is how our journey with most of the other global players have started.
It starts small and then it gets built into a big opportunity. But having said that as of now we are welcoming them and we are. Hoping that. There is great synergy in future.
Rahul Jain
Sure, sure. Thank you and best of luck for the time here.
operator
Thank you. Next question is from Naman Jain, an individual investor. Please go ahead. Naman, your line is unmuted. Please go ahead with your question. Naman, please check if you have muted your connection. Since there is no response. We’ll move on to the next question from SP Malikarjun Achar, an individual investor. Please go ahead. Mr. Mallikarjun, your line is unmuted. Please go ahead with your question. Please check if you have muted your line. Mr. Malikarjun, since there is no response we’ll take a text question from Ashish Kumar, an individual investor.
Ashish Kumar
The question is congrats on the recent development.
Earlier it was mentioned rupees 2000 crore AUM in SM REIT. Can we assume 1% management fee? What’s the EBITDA margin for Prop Tiger? How much savings expected from ending marketing royalty payments to rea?
Onkar Shetye
So I think we’ll elaborate on both the questions. The 2004 AUM was required to be built over the next three to five years in a manner where we start looking at looking at how the space is evolving first and then start on the building like we called out on the call. We will look at next two quarters, observe the markets very closely and then go on to build this 2004 AUM journey in the SM REIT structure. Yes, you’re right. The management fee can be varies from asset to asset. But you can look at management fee in the range of 0.5% upwards.
In addition to it there’s also an acquisition fee that comes at 1.5% for every asset. And then of course when if you exit the fee with a good performance, there’s an exit fee also that is built into this model. So with these three revenue stream on each asset we are looking at, we are looking at a decent spread to be made over, over the, over the assets. With respect to the second question, why this, this is a little privy to the transaction. We will definitely elaborate this over the next call. We are aware about the numbers but this all three, all three nature of payments that are going back to the group are of substantial in nature and that will definitely go into reduce the losses that we are presently seeing in the FY24 numbers that are available publicly.
We don’t see a challenge in running this operation profitably and we expect that within the next 12 to 18 months we should be able to achieve profitability at the same scale of revenue in the prop Tiger business.
operator
Thank you. We’ll take our next question from Naman Jain, an individual investor. Mr. Jain, Mr. Jain, your line is unmuted. Please go ahead with your question. Mr. Jain, we do not have, you know your, you’re not audible. Can you post your text question please? Thank you. We have a follow up question from Faizal Hawa from H.G. hawa and Company. Please go ahead. Mr. Faizal Hawa, your line is unmuted. Please go ahead with your question.
Faisal Hawa
Is it a right comparison to make that this REIT business, we could be the AMC of choice for years together and this business could be almost like say half of what the mutual fund business is today, say 10 to 15 years ahead. Or am I just hallucinating?
Rihen Shah
That is right in terms of the. Way this business is structured and the SMB regulation has been made. It is similar to a mutual fund where you have multiple schemes under one trust. And the way we foresee is like that the business of an investment manager in SM REIT will be able to. Grow to that scale. However, as we called out, we’ll be looking over the tenure for the next three quarters on how the it’s very nascent in its own itself and the product is very new.
Onkar Shetye
So over the tenure we’ll just look how the market is going and then you know, we’ll enter the space to be looked at as a mutual fund business from a gentry of investors that could be looking at this grade of asset, at this quantum of asset. And that is one key difference between a REIT and SM REIT where a 50 crore asset size, upwards of 50 crore asset size is being looked at by non institutional investors. Hence making it very, I would say a potential Path to a path to a product akin to munching.
Faisal Hawa
So just like HDFC in AMC business for mutual fund has its brand name as a very big differentiating factor. Quant mutual fund is having its mathematics based investment as a differentiating factor. Can you name me two to three differentiating factors that we have that will help us succeed in this SM REIT business and where we could actually potentially get the investor at least one and a half to 2% higher returns just because of our these two or three USPS.
Onkar Shetye
So there are three parts to it. One is of course the profiling of supply that that is very that is very crucial for onboarding the right supply which comes in with our group companies real estate expertise and sits on the assembly AMSA business unit. The second is the property management and the churn of pleasing and churn of tenants that also comes in very that that comes in and is very crucial for maintaining a certain rental yield for that asset. And the third integration of tech platforms that will help investors in form of portfolio management and ensuring easy entries and exit into the SMB portfolio.
These three are going to be differentiating us and are going to put in us in like you rightly said in compared to the graded or the branded mutual funds category. And we should be looking at as you rightly said the go to or the fourth to call for SM REIT units assembled units should be taken by investors.
Faisal Hawa
Within management. Is there any thought that at some time between these four or five optionalities that we have in the business which is one is the distribution size, one is the analytics side then the SM REIT business at some time is the management cognizant of the fact that one or two of these horses will really bolt ahead and then at that time you know these businesses will either have to be demolished or some special attention will have to be placed on them so that they are the they really become the crowning diamonds of our crown.
Onkar Shetye
So we we in a way concluded our last transaction in 2023 and the recent one now this quarter there are three businesses that we will definitely call out which have grown multifold post acquisition. One is of course hello World which has grown more than 3x from the date of acquisition which we feel will continue to scale up in the same trajectory. The second is Aurum Analytica which has grown 6x in the last from from the date of acquisition in 2022. We also feel that this is a business that will scale further nest away by the whole nature and model of its marketplace model and a very scalable Model in terms of its revenue is also one business that we are looking to scale.
And now with Prop Tiger, the majority of the business, the network presence it has, we see this business is also going multiple. This by the way is a 38,000 crore dam that we are looking at which is between transaction, management expenditure, sales and marketing expenditure that is done annually by real estate developers across these top eight cities in the country. And we have not even scratched the surface in this business as of now. So all three businesses not just have the headroom for expansion, but also inherent potential in terms of its maturity and network scale at present.
Faisal Hawa
And is there some ambition to make a Knight Frank kind of a structure within us or which actually becomes like a go to kind of a place for anything related to real estate.
Onkar Shetye
So you’re right, but we would like to be larger than Knight Frank in terms of the brand presence, in terms of the network presence and also in terms of operation. But the aspiration is in the right direction.
Faisal Hawa
I really appreciate your answering my question. So in there sir.
Onkar Shetye
Thank you. Thank you sir.
operator
Thank you. While we do have questions in queue, but due to paucity of time, we’ll have to end the session here, I would now like to hand the conference over to Ms. Vanessa Fernandez for closing comments. Thank you. And over to you.
Vanessa Fernandes
Thank you Yashasree and thank you everyone for making the session engaging. Quarter One has set the tone for an exciting year ahead and as we move forward we do so with the quiet confidence that comes from building patiently, purposefully and with conviction. We look forward to staying connected with all of you and sharing more updates in the quarters to come. Until then, stay well and have a pleasant evening ahead. Thank you.
operator
Thank you members of the management team. On behalf of Aurum Proptech Ltd. That concludes this conference, we thank you for joining us and you may now exit the meeting.