Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Aurum PropTech Limited (NSE: AURUM) Q3 2026 Earnings Call dated Jan. 21, 2026
Corporate Participants:
Ashish Deora — Founder & CEO
Onkar Shetye — Executive Director
Kunal Karan — Chief Financial Officer
Rihen Shah — Lead Strategy and Investor Relations
Analysts:
Shivang Bagla — Analyst
Rahul Jain — Analyst
Aruna Patel — Analyst
Faisal Hawa — Analyst
Aditya Yadav — Analyst
Jimmy G — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Aurum PropTech Limited earnings conference call hosted by MK Global Financial Services 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. Please note that this call is being recorded. I now hand the conference over to Mr. Shivang Bagla from MK Global. Thank you. And over to you Shivank.
Shivang Bagla — Analyst
Good afternoon everyone and welcome to Quarter 3 FY 2026 earnings conference call of Aurum PropTech Limited hosted by MK Global Financial Services. We are joined today by Mr. Ashish Lehoda, Founder and CEO of Aurum Ventures and Director of Aurum PropTech Mr. Onka Shetty, Executive Director of Aurum PropTech Mr.— Kunal Karan, CFO at AurumProfTech, Mr. Rehan Shah, Lead Strategy and Investor Relations and. Mr. Srikanth Jakta, Deputy CFO at AurumProfTech. Before we begin, I would like to remind you that certain statements made during the call can be forward looking in nature and are subject to risks and uncertainties as detailed in the annual report and investor presentation available on the website.
With that, I would now like to. Hand over the call to Mr. Ashish. Deoda for his opening remarks. Thanks.
Ashish Deora — Founder & CEO
Thank you Shivang and good evening everyone. It is my pleasure to welcome you to the 19th earnings call of Aurum PropTech. I am honored to share with you our performance for this quarter. Q3 of FY2526 marks a pivotal and truly landmark moment in the journey of Aurumproptech. Since our inception in 2021, we have pursued a clear and focused vision to grow with discipline and building sustainable long term value. I am pleased to share that Q3 of FY26 represents the outcome of quarters of consistent effort, execution and commitment towards a single goal, profitable growth.
I’m encouraged to report that we have achieved an annualized revenue run rate of INR 460 crores and on track to reach 500 crores in the ongoing quarter. I would like to dedicate this significant milestone to our thousand plus team members. We firmly believe that this exponential yet disciplined growth has been made possible only because of the dedication and relentless efforts of our team members. This progress is being driven by our entrepreneurial leadership and management teams who continue to operate with a strong ownership mindset and disciplined execution.
While we take a moment to celebrate this achievement, we are equally mindful that the journey ahead is already defined. Our next milestone Is to reach 1000 crores in annualized revenue alongside improving profitability. The heavy lifting required to achieve our next phase of growth has already been undertaken. Our focus now is on maintaining momentum and execution consistently across all our products and platforms to fully realize this opportunity. In recent quarters we have been witnessing the network effects of our integrated toptech ecosystem through stronger engagement, deeper platform integration and improved outcomes across the real estate value chain.
While our revenue and profitability metrics are well under control, our focus going forward will increasingly be on ecosystem revenue. I would like to bring into focus three avenues for tracking our ecosystem revenue. While we have our laser sharp focus on reaching our next milestone of thousand crores, we will constantly track the quality of revenue which we call ecosystem revenue. First Avenue would be cross selling opportunities across our product suite and platforms. Second, creating the robust data marketplace for increasing lifetime value for our existing assets and customers.
Thirdly, and finally harnessing AI to increase business efficiency and enhance consumer experience. We believe that pursuing our financial goals in parallel with these three priorities will keep us sharply focused over the next three years and further reinforce our leadership position in the proptech sector. Another significant development in Q3 was the Honorable Supreme Court’s landmark clarification on GST for co living, PGS and hostel residential leases. This ruling provides regulatory clarity and is very positive for the sector.
We warmly welcome this decision and believe it will catalyze substantial growth into the co living segment over the coming years. Looking ahead, our strategic priorities remain clear. We’ll continue to strengthen financial performance across the ecosystem, accelerate product innovation with a greater emphasis on AI driven decision making, customer experience and operational efficiency. The idea is to remain sharply focused on consumer centric digital first execution. To conclude, Aurum today occupies a pivotal position in a sector that we helped organize and shape over the past five years.
Yet the scale of opportunity ahead makes it feel as though the sector is only just beginning. With that, I now hand over the call to Omkar. Thank you very much.
Onkar Shetye — Executive Director
Thank you Mr. Devra. The third quarter of FY26 marks a defining inflection point for autumn Proptech as we transition to pat profitability supported by strong revenue growth, disciplined cost management and improving unit economics across businesses. Our continued focus on on operational excellence, AI and data led execution and technology driven scalability is strengthening our integrated prop tech ecosystem across rental, distribution and capital segment positioning us well for a sustained and profitable growth.
The rental business sustained its growth momentum with 55 crores in revenue up 24% year on year. The segment continues to benefit from tech enabled services upgrade and improved customer experience across our brands, hello World and Nestaway. We added 16 new buildings and served more than 2,200 new tenants during the quarter bringing our managed portfolio to 270 properties with over 19,800 beds across 15 plus cities. Hello World continues to enhance tenant experience through targeted product upgrades and strong service performance while expanding its managed portfolio.
Nestaway remained focused on improving unit economics and strengthening its digital, resale and partner platforms. Our distribution vertical delivered another strong quarter of data driven growth with 60 crores in revenue. Aurum Analytica sold over 1,17,000 leads to 140 plus active clients across 260 projects representing 54% growth in lead sales over the same period last year. The Cell to CRM business continued to scale with 67% growth in new sales, 140 plus enterprise deals closed and 1,100 new licenses added during the quarter.
We also strengthened our partnership across some of our marquee clients. Proptiger continued to scale its digital transaction management operations with 175 plus active developer clients and 11 active mandates contributing meaningfully to lead generation, developer visibility and transaction velocity across key residential markets. Our AI led product stack delivered measurable productivity gains with features such as call transcripts, translation and AI insights added to the stack. Overall, Q3FY26 has been a milestone quarter marked by improved profitability, steady execution and deeper integration across our ecosystem.
With our diversified yet connected platforms spanning across rental, digital, data and AI enabled distribution and capital, we are well positioned to capture the next phase of growth in India’s evolving proptech landscape. 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 thank you everyone for joining today’s call. I will quickly take you through the consolidated results of the company for the quarter and nine months period ended December 31, 2025. First the results for the Quarter the results of the quarter include the performance of Prop Tiger Marketing Services Private Limited in the previous quarter. The same was considered for 5 days. Prop Tiger was acquired on 26th September 2025. The revenue from operations for the quarter INR 104.82 crore compared to INR 82.50 crore in the previous quarter, an increase of 39.2%.
Other income 9.72 crore compared to 5.16 crore in the previous quarter. Total income INR 124.55 crore compared to INR 87.66 crore in the previous quarter an increase of 42.1%. Profit before tax INR 2.04 crore compared to a loss of 6.94 crore in the previous quarter. Profit after tax INR 2.71 crore as compared to a loss of 8.41 crore in the previous quarter. Now the Results for the nine months period ended December 31, 2025 Revenue from operations INR 265.73 crore compared to INR 193.43 crore in the corresponding period previous year an increase of 37.3%.
The income the total income stood at 289.18 crore compared to 206.94 crore in the corresponding period previous year. Loss before tax INR 15.69 crore compared to INR 35.43 crore in the corresponding period. Previously the segment results for the quarter the rental segment better revenue of 54.55 crore as compared to 54.11 crore in the previous quarter Distribution segment 59.60 crore compared to 27.19 crore in the previous quarter Capital segment revenue 0.67 crore compared to 1.20 crore in the previous quarter.
The rental and capital segments reported loss of inf 4.46 crore and 0.74 crore respectively while the distribution segment made a profit of INR 11.37 crore during the quarter. The Results for the 9 months period Rental segment Revenue INR 156.50 crore compared to 123.57 crore in the corresponding period previous year. Distribution segment revenue INR 105.67 crore compared to 58.09 crore in the corresponding period. Capital segment revenue INR 3.55 crore compared to 11.77 crore in the corresponding period previous year.
The rental and capital segments reported losses of INR 12.16 crore and 4.74 crore while the distribution segment made a profit of INERT 18.67 crore for the nine month period. I will now hand over the call to Yashti to take it forward. Thank you.
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 your toolbar or on the QA tab available on your screen. Kindly turn on your mic when the operator announces your name. You may also post your text questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We’ll take a first question from Rahul Jain from Daulat Capital. Please go ahead.
Questions and Answers:
Rahul Jain
Yahoo. I hope I am audible.
Operator
Yes, please go ahead.
Rahul Jain
Yeah, thanks for the opportunity. Just couple of questions. Firstly Ashiji, you spoke about the vision of thousand crore revenue with improved profitability. Are we also identifying this goal from a timeline factor and what could be the key driver in your view of taking this revenue to that level? Do you expect the current portfolio to do most of the heavy lifting or you anticipate one or two more transactions for us to reach this milestone?
Ashish Deora
Hello Rahul, good to speak to you. So this first thousand crores that we are talking about, this is coming organically from our existing products, existing platforms. There is no additional revenue that’s considered from any of the inorganic acquisitions that we are anticipating to do currently. We believe that three years which is 10 to 12 quarters from now is a reasonable sort of scale up plan to be to be close to the thousand crore annualized revenue. That is, that is where we think we should be.
Rahul Jain
Thank you. That’s. That’s pretty helpful. On the distribution business we have seen there is a mark improvement in this quarter both from growth and profitability. Of course there was a Prop Tiger additional days contribution. Effectively it came in this quarter. So any color in terms of how big was the contribution from. From this business. And also there was this mention of elect 11 active mandates. You know it would be great if you could share a few thoughts that what are the typical yields on such kind of mandate?
Does that 11 mandate means most of the revenue would have come from these mandates or it’s like spread over many customer and 11 are the bigger one. Any, any color on these aspects would be great to understand.
Rihen Shah
Sure, sure. So Rahul, hi, this is Rehan here. Prop Tiger contributed approximately 30 crores of revenue in this quarter. And you’re right, we specifically called out the mandates because this is the highest ever mandates that Prop Tiger has had over the last two to three years and we are growing that business. There is good profitability in that business segment. However, still mandate would account for around 20% of the revenue and 80% of the revenue comes from the AOP business. In future we will be scaling the AOP mandate and mortgage all three businesses in the prop tagger and we’ll be seeing growth over there.
In terms of the future projections we believe that rental and distribution both will be growing and scaling to reach the thousand crore ARR mentioned by Ashish sir as well.
Ashish Deora
Just to add to what Rehan just said, the entire distribution segment has done well because of Prop Tiger. It’s not Only the Prop Tiger numbers. And if you go back to what we had tried to articulate after the Nestaway acquisition, that we will only look at acquisitions now which will sit exactly between two of our products or will have great adjacency and Prop Tiger has done that. All the businesses, the Analytica, the sell do also gets benefited by the offerings of Prop Tiger. Of course Prop Tiger on its own is adding to the ecosystem, but it also increases the various other opportunities within the ecosystem, within the distribution business.
Rahul Jain
Sure, I completely subscribe to that thought. Just a small more input if Rihan, you could add in terms of the AOP model versus the mandate model out here. And secondly, do we also leverage the digital prowess that we have in the Analytica business in some of the mandate that we have on the Prop Tiger side?
Rihen Shah
Sure, sure. So Rahul, you know, Prop Tiger currently, you know, has this basically while selling the apartment. What it does is it signs an annual operating plan which is the AOP business with developers here they have slab rates in terms of brokerage which as and when they do a specific amount of turnover with the developer, they hit that and get that additional brokerage as well. That is accounting for around 80% of revenue currently in Proptiger mandate. In this business all the sales that are happening for a specific project are booked through Proptiger and the marketing is also done through Proptiger.
For your second question, yes, Analytica does support Proptigr in terms of its lead generation, but Proptiger in itself also has its own lead generation, team and platform. However, we do see strong synergies between the businesses and we are using them currently to scale up our business as well.
Rahul Jain
Sure, sure. And just last one from my side, which is more like a bookkeeping. If, if you could help us understand the other income part which has risen sharply in this quarter. So what could have led to that? Any breakup or broad understanding would be fine.
Kunal Karan
So the other income, Rahul, mostly a major part of it has come from hello World. As you know, we are having this long term contracts of hello World where we do this India’s accounting. And as we have started from January 2025, we made profitability as the goal and we are trying to identify properties which are not doing that great. But these are all long term contracts. It was not easy to close down all these things at one shot. And so over a period of time in the last nine months we have been able to let off some of these properties, mainly in the student living and some high cost properties in Bangalore itself.
A major part of it has happened so slowly. It has happened in the first quarter and second quarter of the current year also. But a major part has happened in the third year. That is why much of the liability that was sitting in the balance sheet as On 30 September, we could reverse it. And though we have not let go those number of buildings and beds in that sense, but we could negotiate in a better way so that we can bring down our cost and the impact has come in the port.
Rahul Jain
So to get this point aligned since a big part of it coming from you know this again from you know this lease rental contracts. So effectively if we kind of add it back to what we are doing on the segmental results for rental, we can assume that the rental business also effectively is at a break even point from that point of view.
Kunal Karan
Yes. So unfortunately in the segment results the other income doesn’t come. So if you see our unallocable expenditure there you will find a number in a bracket that means these are income. So that other income is sitting over there instead of sitting in that rental business performance.
Rahul Jain
So I mean just just to for my understanding, since this gain come because we overbook the rental cost in form of depreciation interest instead of over and above the actual lease paid. So the operational hit that you take come into the segmental profit or that impact is also below the segmental part.
Kunal Karan
No, that of when it look that cost comes as in two parts. One is depreciation, another is finance cost. In the segment result depreciation you take it under the segment result but in the finance cost you don’t take it. So it is very different and similar. The other income also you don’t take it in the segment results. So the depreciation part comes in the segment result but the finance cost and the other income doesn’t come in the segment.
Rahul Jain
Understood? Understood. Thanks and best of luck for the time ahead and congratulation everyone to achieve the milestone profitably.
Operator
Thank you. Thank
Rihen Shah
You.
Operator
We’ll take a text question from Param Vora from Trinetra Asset Managers. The question is what is your approach to scaling rentals in tier 2 and 3 cities versus metros? What are the differences in unit economics that influence expansion into these geographies?
Rihen Shah
Hi Paramji, thank you so much for your question and very critical one from our rental segment perspective with respect to our strategy for expansion in Tier 2 and Metro. Something which is we are very clear about is that we follow where demand is. We have analyzed the data across multiple PIN codes and we cater to micro Markets where we know that the demand is existent and we only capture those properties. With respect to tier two versus Metros, we are focused on young professionals and students.
So there are specific key micro markets in the region which is near to IT hubs, student accommodation which is near to colleges and educational hubs which is where we typically target to acquire assets. We have a very strong supply acquisition policy where every property goes through multiple scenario analysis to ensure that the unit economics are checked and put into place ensuring long term profitability for the asset. Similarly, the same process is followed for Tier 2, Tier 3 as well as Metros.
We follow a data driven approach in terms of our supply acquisition and we, you know very profit. We are confident on our profitability track going ahead as well.
Onkar Shetye
Paramji, to add to what Rehale said, we have also bought some recalibration calibration rather in our strategy in Tier 1 and Tier 2 markets for rental business we have adopted something called as win a pin code strategy from a go to market standpoint where the focus is going hyper local in terms of market domination and we select a geography which is a pin code and we then put disproportionate efforts to ensure that we are getting the largest market share there visibility and the consumer mind share.
This we will adopt going forward so that we are able to put together a very dense cluster of properties in the co living and the family rental available for our consumers across the PIN codes that we operate in.
Operator
Thank you. We’ll take our next live question from Aruna Patel from Patel Enterprises. Please go ahead.
Shivang Bagla
Yeah. Hi.
Operator
Can you please. Yeah. Please go ahead.
Aruna Patel
Yeah. Good evening everyone. So basically I have one questions here. Okay. Like earlier the company was working in the IT sectors. Okay. So just want to know, okay like still it is working in IT sector or if it is working in which. Platform they are working in IT coming off this year.
Rihen Shah
Sure. Arunaji, we couldn’t hear you very clearly but I’ll try to summarize the part that we heard and if you can just confirm on that thing you mentioned that the company was working in IT sector and you wanted to understand the sectors which Aurum Proptech is working in and the businesses in which Aurum Proptech operates. Is that correct?
Aruna Patel
Yes. Yes. Is that correct? Correct.
Rihen Shah
Perfect. So Aurum Proptech works in the proptech space which is basically real estate and tech. Together we have products which map across the entire life cycle of a consumer operating and interacting with real estate. This starts from the first time a consumer interacts which is in form of Student living and family rentals, which is rental as a segment. Then they go on to purchase an apartment where the distribution segment comes in, which is a B2B segment. Over here we have multiple products which includes sales, CRM, lead analytics, lead generation as well as transaction management.
And then capital is a segment which includes investments into real estate. So that is the three segments in which the company operates.
Aruna Patel
Okay. Okay. So yeah, so second thing, like, like. I am as a shareholders of Oral Protect, so I have a good quantity. Of your company’s product. So right now just want to understand like in future it will be gain. And it will be like right now. I can just keep in on hold. Or what to do
Onkar Shetye
Will not be apt for us to answer that question. But we have immense belief in proptech as a sector and we believe that this sector is on its march to become a $10 billion market by 2030. And I think we’ll be the top three, top two players in this, in this sector by that time.
Aruna Patel
Okay. Okay. Yeah. Thank you. Thank you and congratulations once again for. Your entire team and all the best for the coming of yours. Thank you.
Operator
Thank you. We’ll take a text question from Viresh Sangwan, an individual investor. The question is when are we planning to launch first REIT product and is this positive profit just one off or should we expect this to continue in coming quarters?
Rihen Shah
Thank you so much, sir for your question. For the first part of the question, which is regarding the SM REIT product, we’ve acquired the license in July 2025 for the SM REIT registration. We’re currently building a strong pipeline of assets which we believe will be the right fit for the SM REIT as an investment product. However, the product and its regulation is still new. We have only seen two SM Reit registrations and IPOs being launched in the market. We’re actively evaluating assets and we’ll come out with the product as soon as we see the right fit and the right investment category for the same.
We are very patient with this specific product and this segment. We believe that we want to be the largest and the most scalable SM REIT platform in the country, which is why we’re evaluating assets and creating the pipeline currently for the same and we launch as soon as we have something which is good enough for the investors category which we want to cater to. Thank you.
Onkar Shetye
So your second question on profitability will just underline that the distribution segment has been in black for a considerable amount of time now for the past few quarters and it will continue to be so and Taking a leaf from that, we are also now ensuring or focusing on making the rental business, taking the rental business towards profitability. So while this is, this is not a one off, we would say quarter where we have been in black, the focus is to now consistently deliver profitability over the subsequent quarters.
Operator
Thank you. The next text question is from Sanjay Shah. The question is can you share the kind of profitability you envisage in three years as you target to reach thousand crores by then on a blended basis.
Ashish Deora
So while the target is very clear. Of. Thousand crores of the annualized revenue, we believe that every quarter we should try to increase the profitability margin. Of course the business is cyclical, Q3, Q4 will always be better than Q1, Q2. But at 1000 crores we will be looking at 8 to 10% of the profitability at the least. So that is how we are sort of gearing up currently. As I try to speak about the ecosystem revenue which comes through cross selling opportunities, through data and through AI that we are seeing lot of network effect because of that.
And that straight away goes to the bottom line. So yes, 8 to 10% on a thousand crore revenue in three years is something that we can indicate at this stage.
Operator
Thank you. We’ll take our next question from Faisal Hawa from HG Hawaiian Company. Please go ahead.
Faisal Hawa
So sir, what are our plans to reduce this interest burden of per quarter of 7 to 8 crores? And have we been approached by any large organization to take a stake in any of the sum of parts business that we have?
Kunal Karan
So the interest cost that we see in the financial statement, it has got two parts out of that eight crore. Two crore is actual the interest cost that we pay on the loan that we are having, that lease rental discounting. That we are doing against the buildings that we are having. So definitely we have a plan for that. As we have earlier said that we want to give up the building and that by itself will reduce that interest cost. The balance cost is because of the India’s impact on the long term rents that we pay.
So it will not go out because those kind of agreements will continue. And based on the requirement of the accounting standards, we have to consider that. As a finance cost. But that is actually the rent that we pay on the long term agreements part of the rent that we pay against the long term agreements. So the actual per quarter finance cost will be around 2 crore of rupees.
Onkar Shetye
To answer your second question, to answer your second question, we haven’t gone to market to raise capital or seek Investors and I mean there hasn’t been any inbound opportunity that has come for investment in any of the some of the parts or the subsidiary businesses.
Faisal Hawa
So do we have any kind of value as to what is the share of business we have in the digitized property business?
Onkar Shetye
So in the digitized property business I think, I think you are referring to the distribution segment if I am correct. So we have three, we have three offerings there. One is the data analytics led legion there. We are definitely amongst the top three players in the country and we also run shoulder to shoulder with some of the large aggregator businesses who have been in market for a substantial amount of times. Especially the developer business where leads are sold to developers for primary sales, for facilitating primary sales.
Analytica has been able to dislodge a couple of large names, top aggregators from their poll position and we are, we are now the first pit stop for a lot of developers across the country to buy these intelligent leads from. So that’s one in case of CRM and sales automation Seldo has consistently been ranked as the number one CRM product across, across several years and there is the second is a far distant year in proptiger. We are a little unique than the other transaction management or broker broking houses.
We are a B2C transaction management player which means we do not aggregate brokers like the other mandate players or the other broking houses. And that puts us uniquely in a different segment altogether from a transaction management standpoint put together this, the dam for this distribution segment is around 38,000 crores split between digital spends by developers for lead gen that accounts for 4000 crores and transaction management that is basically channel partner fees and brokerages that account for 34,000 crores.
So that’s standing in terms of ranking and that’s the tam.
Faisal Hawa
Thanks a lot sir.
Operator
Thank you. We’ll take a text question from Ronald Fernandez from Value Data Technologies. The question is any work in the redevelopment of cooperative housing societies, any financing options?
Onkar Shetye
Your question is a little more relevant to our real estate team. But from a proptech standpoint, Proptech actually now operates as a very solid go to market engine for a lot of developers including Aurum Real Estate. And we are actively looking to scale up our real estate business especially in South Bombay where we are redeveloping and properties in upwards of Tardev.
Operator
Thank you. We’ll take our next question from Aditya Yadav from Transient Capital. Please go ahead. Yes, please go ahead.
Aditya Yadav
Yeah. Hi. Thank you for the opportunity. Congrats to the management team. What I have been basically able to understand the execution track record and the capital allocation has been really judicious. So kudos to the team, it’s been commendable. And all the acquisitions you’ve tucked in nowhere, it seemed key you had overpaid or anything. So yeah, coming to the questions. Am I audible?
Operator
Yes.
Aditya Yadav
So coming to the questions. So the distribution segment seems to be performing well. So it’s what I understand Prop Tiger is a recent, it’s a very recent acquisition. Broadly the business is in two parts. Seldo, which is your CRM business and Aurum Analytica. And so if you could just for like in very layman terms you could help us understand for both Seldom and Aurum Analytica what is the, you know, the landscape in terms of competitors and what is our right to win, what is our moat and you know like what is how the margins are supposed to scale up and all these things.
Like if you could just help us understand in layman terms for both the businesses, Seldom Aurum Analytica and Forum Analytica, I suppose the revenue model is not a recurring one. Is that so? And plus are these sites magic breaks and 99 acres are. These are direct competitors. Whereas I understand their model is slightly different where you know they have their this inbound leads where people are logging in and expressing their interest. Whereas I suppose you have a different model. So just in simple terms if you could help us understand.
Thank you.
Rihen Shah
Hi Aditya, this is Rehan here. Thank you so much for your question. And yes, I’ll tell you the business model which Sell do and Analytico operates in. I’ll start with Sell Do. Sell do is a real estate specific sales CRM. The business model is a pure SaaS business model where they sell licenses of software which is cell due to real estate clients which is developers in this place they help with pre sales sales booking management as well as post sales activities through their entire end to end software management.
This is a, you know the clients they have around 850 developers currently as a clientele and sell.do is one of the best rated real estate CRMs in India in terms of features. It competes with likes of all top sales CRMs which is there in country and internationally as well and has the potential and capability to integrate with other CRMs as well. So it has a capability to cross talk with different sales systems and machines engines that a developer might have employed. With respect to Aurum Analytica, it’s a very unique business model.
Yes. The service that Aurum Analytica provides is data analytics and lead generation for real estate developers. Developers typically buy data analytics for a specific project before the launch and leads for marketing of their project after the launch. Aurum Analytica provides this service through a very differentiated offering while it competes with the likes of magic bricks 99 acres in terms of selling deeds. But the process of generating leads is very different as you mentioned as well. Aurum Analytica creates a custom audience for a specific project and does hyper personalized targeting through various digital marketing platforms which includes the likes of Google, Facebook, Tabola etc.
And then creates qualified leads for developers which are extremely high quality leads and they charge the premium for that as well. The quality of While the business of Analytica they have 85% plus client retention rate across the platform and the business has been growing between 60 to 80% on a yoy basis since the inception.
Aditya Yadav
I had just two quick follow up questions on the Sell do part. What rough understanding I have is so Salesforce again is a competitor but I understand the complexity is much more plus the pricing is very different and Zoho again is a competitor. Could you just help us understand what markets what market are we targeting? Is it like. I mean how is the segmentation different than what they might be targeting and what we are targeting? Plus there is a lot of talk. With the advent of these AI and LLM modules, what is happening is there could be a change in pricing structure from per seat pricing to a more outcome based pricing and things like that.
So could you share a bit of color on that? Also how is that trend shaping up? And first part is the market segmentation part. How are we targeting differently than or like which segment are we more prominent or more stronger in?
Rihen Shah
Sure Aditya with the platforms that you mentioned they are more generalized sales CRM which work across industry and need customization specifically for real estate. Cell DO is an extremely real estate focused sales CRM which emphasizes on real estate specific processes and the entire platform is based on that. That is a primary differentiation between the platforms that you mentioned across versus Sale DO as such with respect to AI, yes we do believe that AI is reshaping how consumers interact and which is why in Cell DO we have developed AI calling bot as well as WhatsApp and data integrations which help in terms of a different product offering along with the sell.do licenses.
These are direct add on products which help in improving sales efficiency which are reducing manpower cost and we are seeing early shoots and good scale in terms of this revenue as well. Cell DO is one of the first sales CRM companies which has already Deployed its AI calling bot and it’s now scaling up that business and that revenue stream as well.
Aditya Yadav
Okay, and just like one more quick follow up on the Analytica part. Could you mention like so understood where you’re saying it’s a bit of a different model where you are creating the leads at your end for the developers or for a project specific basis. So who would be a direct competitors and is the revenue model a more transactional one or how does that work?
Rihen Shah
We have. So if I were to give you examples of competitors, there are companies like Bold Leads, but which are specifically competing, but from a consumer point of view. Analytics.
Aditya Yadav
Sorry, sorry to interrupt. It was mentioned that we were able to displace a top, top incumbent in the space, in the Legion space. So I mean, just to give a sense, was it a similar business model or was it like a Magic Breaks kind of a business model? At least that kind of a color would be helpful.
Onkar Shetye
So Aditya, the business operates in the same space as 99 acres and magic bricks, essentially sale of fleets or provision of fleets for developers to enable primary sales. The model is however different than these aggregator businesses which are branded marketplaces and their strategy of lead generation is that of pulling leads by constantly branding and creating visibility for the marketplace. However, Autumn Analytica follows the lead gen from a push strategy where it dips into its data lake, identifies the right consumer profile that matches a certain project basis of its feature sets and basis of the consumer behavior, and then of course prompts him to trigger interest in that property which subsequently becomes a lead while it operates in the same space.
And the TAM, like I said previously, is 4,000 crores worth of spend happening by developers across the country towards lead generation. Analytica sits in the same space with them.
Aditya Yadav
If I could just squeeze in one more question, will that be okay? Hello?
Onkar Shetye
Yes, please.
Aditya Yadav
Yeah, could you. So like coming to the rental segment, this has also been performing good where you’ve been able to curtail expenses and you know, just try to maintain your margins and everything. Just could you just give a broad qualitative comment on, like what could be the inflection point going forward? What could be the triggers for the margin going forward? You’ve talked about your micro market strategy that you will be trying to get very dense in particular particular micro markets. But what we’ve seen is key.
The rental segment growth has not been as good. We had a difficult a year or so, I suppose last year where certain micro markets like Rajasthan or places were not performing well, if I’m recalling it correctly. So if you could give us an understanding on the rental segment also, what are the inflection points and when can we see the growth and margin really just taking a step forward?
Onkar Shetye
Right, so you’re right in pointing out that there were some headwinds that the rental business faced, especially in the student living business. And the growth that we had expected from some cities like Kota didn’t come in, which is where the growth in revenue in the rental segment was not as anticipated by us as well. We have of course been able to de risk that by focusing on other assets beyond student living. So that’s one. Like we spoke earlier, we have recalibrated our go to market strategy from a supply acquisition and demand generation standpoint where we are now going denser into every pin code, every micro market to create an ideal mix of co living and family rental properties and then on the supply side and on the demand side port most of our demand generation at NestAway.
So that’s one second is we are tapping into the synergies of hello World and NestAway from a fulfillment standpoint standpoint. So key management, portfolio management, property management is a function that is now slowly steadily being shared between Nest Way and hello World so that we are able to improve our operational efficiency and. Double. Down on the micro market strategy by having a fixed team that is serving both the co living and the family rental properties. Despite the headwinds, we’ve been growing at a 20 to 30% growth rate over the past two years between NestAway and hello World and we continue to look at this growth trajectory at the same time bettering our operational efficiency.
Some key decisions or some harsh decisions are being taken where we are discontinue micro market. So if you see there is a dip in nest away houses that has come by the virtue of we letting go a few micro markets and a few pin codes so that we were able to optimize on the cost in that region. So we’ll continue to do this. While 2030% looks robust, we are yet to get some results with our calibrated strategy of winning every pin code so that behavior will play out in the next few quarters to get us a trend.
Aditya Yadav
Are we sharing metrics on the rental segment in the sense what is the occupancy percentage on an average and things like that. So that could give us an idea. Suppose if it is at 70% when it hits 80 then it could be a trigger for the margins or something like those metrics. Are you sharing?
Onkar Shetye
We do, we do share metrics. What I suggest is given Your interest and inquisitiveness in the business. I think we will spend some time with you to take you through each segment and unit economics of it. That will give you a more deeper understanding into how we operate and where we update.
Aditya Yadav
That would be really nice. Thank you. Thank you. That’s all from myself.
Operator
Thank you. Next question is from Jimmy G from mk. Please go ahead.
Jimmy G
Yeah, hi, this is Jimmy from mk. Thank you for giving the opportunity. Two questions. One is with respect to the prop tycore acquisition. So on the cost side I just wanted to understand what are the key sort of, you know, synergy levers that we are looking at that are still to be realized, Say tech stack consolidation, shared marketing or say centralized operation functions. Right. So can you quantify some sort of potential savings that could, that could accrue to our books and what are the, what is the margin uplift that we can expect once this is fully executed?
So that’s the first question.
Rihen Shah
Sure. Hi Jimin, this is Rehan here. So yes, from a Prop Tiger point of view we have had multiple transformation activities to change the entire blueprint of the company after we’ve acquired. This includes a policy level transformation as well as system level transformation. Very prominent or change that we’re doing is that we’re bringing Sell do into Prop Tiger. This is going to be significant cost saving from a Prop Tiger’s expenses point of view as well as well as using products for cross leveraging and cross selling in terms of revenue as well as benefiting at an expense level, Prop Tiger sits very closely in the entire distribution value chain where it can well gain from two products which is Sell do and Analytica, both of them.
So we’re using both of those products at Proptiger and we’ll be seeing those synergies play out in the coming quarters as well. The transition of PropTiger to sell two is ongoing and we’ll be completing that by the end of next quarter as well.
Jimmy G
Okay, thanks. Is there any way we can quantify this or is there any sort of quantification that can be done if you have some sort of numbers in hand?
Onkar Shetye
Jimmy, early days from a quantification of synergies point of view. But quick things that come that are in execution is like Rehan mentioned, utilizing captive or internal technology and product suit to replace outsourced product suit. Second is the account teams across all micro markets becomes common and shared and they sell in a way an enterprise model of offerings for real estate developers. So that’s the second one. Third is of course brand marketing Activities become relatively less expensive because then we are able to market the entire enterprise suite across multiple geographies.
We are doing some concerted joint GTMs in various micro markets to establish a pattern of the results out of these.
Jimmy G
Sure, thanks, that helps. And just one last question. So you just mentioned about some sort of pruning exercise that you have been doing at Nestaway wherein the geographies or the markets which are not benefiting you, you are sort of either quitting it or reducing the number of properties. So two questions here. One is is this exercise complete or should we expect the number of units to reduce going in the future periods as well? And second is that what sort of benefits are we, you know, accruing at the financial matrix level?
So if you can just help on these two fronts. Thanks.
Onkar Shetye
So I’ll answer the first question till the time we quickly fetch the we have adopted some a classic BCC strategy of churning non performing units every quarter or every every biannually and we’ll keep that exercise ongoing where we shut micro markets if they’re not performing and churn out those units consistently. So this is going to be a continuous exercise where we add and churn, we add new and churn the non performing ones. What’s the number?
Rihen Shah
Yeah, Jimmy, so for your second question in terms of the impact of financial impact of the same, while there’s no impact in terms of revenue because the entire rationalization exercise was taken in a way where we still grew the number of sign units and the number of units which we have under management, these were properties which had not been generating revenue. And from a cash flow point of view we had certain expenses related to the same. So overall in terms of efficiency we have 30% improvement in terms of our EBITDA margin in the specific business for the December month.
Specifically where this entire rationalization exercise has been now completed and we do not foresee reduction going forward unless and until there’s a specific situation or a business demand that requires for the same.
Ashish Deora
Just to add to Omkar and Rehan. You know, we like to be flexible and nimble about this whole approach and we believe that while we have completed the entire recalibrating of the of the buildings and the apartments. But we still believe that there can be dynamic situation considering what happens in the markets in those geographies, in those PIN codes, considering what our sort of growth capital where that should be provided. So we don’t see any fundamental recalibration going forward. But we also at the same point of time want to be very, very Nimble and agile about this will take.
Jimmy G
Sure that helps. Thank you so much.
Operator
Thank you. Ladies and gentlemen, please note that there are a lot of questions and that’s why we extending the call by 15 minutes. We’ll take a text question from Viresh Sangwan, an individual investor. Can you talk about the resale segment we started in Nestaway? How is the traction and how do you see its future? Considering rising property prices, does it overlap with Prop Tiger? Will resales continue in both platforms?
Rihen Shah
Hi Vreshi, thank you so much for your question. And with respect to the resale segment in nextaway it came the requirement. The requirement for the resale platform came due to the inbound traction for resale properties which were available for existing property owners. It’s still early days for the platform or the entire product to be individually growing in itself. We are evaluating that product in specific micro markets which is basically Bangalore and Pune. Yes, there is an overlap but the overlap is with Prop Tiger is purely in terms of capabilities rather than the markets that they interact in.
Prop Tiger specifically works with real estate developers for primary sales and NestAway is piloting secondary sales as an offering. We do see operational synergies between the companies and we’ll be exploring them going ahead for scaling up the platform as well.
Operator
Thank you. We have a text question from Sriram R, an investor. The question is within the rental business. Is it possible to break up the revenue between hello World and nestaway?
Rihen Shah
Sure. So the revenue. I’ll tell you about the operating revenue from hello World Nestaway, Hello World had 39 crores of operating revenue in Q3FY26. In terms of the growth rate, that’s 32% growth rate from previous quarter. Last year this time in terms of Nest away it was 12 crores of operating revenue which is a 20% growth rate from the same quarter previous year.
Operator
Thank you. We have a text question from Dipesh Mehta from MK Global. The first question is can you help understand monetization benefits anticipated from Short stay module and access to dynamic inventory in hello World? Second question is ecosystem revenue. What would be share now? How do you expect it to evolve over next three years? Broad expectations around it when we reach Rupees 10 billion revenue?
Rihen Shah
Sure. Thank you so much Dipeshi for the question. I’ll answer your first question with respect to monetization benefits for the short stay module. We already have around 2.4 crores of revenue quarterly which comes from short stay as a module. We started the short stay module to increase the operational efficiency for the existing assets that we have. And now it contributes to 2.5% in terms of occupancy as well as 2.4 crores in terms of quarterly revenue. We see that we’ll be growing, slowly growing this module as well with specific properties which are marked for short stay as a specific offering based on the demand in that specific micro market or the region.
With respect to dynamic dashboard, it’s a more internal product which helps us in terms of operational efficiency, understanding the night occupancy as well as improving the profitability at the building level. So that’s impacting the cost as well as helping us operationally make the business more efficient. I hope I’ve answered your first question.
Ashish Deora
On the ecosystem revenue. We are seeing a lot of network effect kind of kicking in between between various products through various customers. And that is why we are now wanting to bring this concept internally so that we can have a defined measurable metrics around that. So as I tried to articulate, it’s within three different segments with three different buckets you can measure this one is the cross selling opportunities. So same stakeholder requires within the distribution from one product to another.
So that will be the cross selling opportunities. Secondly is to kind of ensure that what data attributes can be utilized by the ecosystem so that the same asset that we have in our ecosystem or the same customer that we have, how can we increase the lifetime value for them. So that is the second and third obviously is the AI which is, which is kind of redefining and reshaping the efficiency of business and the experience of the consumer. So with these three we think that the ecosystem revenue we will start tracking and in next few quarters coming out with a lot more detailed metrics on this.
As you recall we had talked about the adjusted EBITDA a few quarters ago and we constantly track that to show improvement in this and ecosystem revenue is going to be the next sort of next measurable metrics from our side which we would like to measure over next at least 12 quarters as a percentage that you talked about. I think it’s still early days. So as we get to 1000 crores we should have a substantial revenue coming from the ecosystem revenue because of the network effects. But I think still early days.
Thank you.
Operator
Thank you ladies and gentlemen. We’ll take that as the last question for today. I would now like to hand the conference over to management for closing comments. Over to you Siri.
Unidentified Participant
And thank you everyone for joining us today. Quarter three marks an important milestone for all our projects reflecting the progress we have made in strengthening our operating performance, improving profitability and executing with critical discipline across our platforms. We appreciate your continued trust and engagement and we look forward to staying connected as we execute our strategic here. Should you have any further questions, please feel free to reach out to our investor relations team and we will be happy to address them on time.
Thank you once again for your time and continued support. Wishing you all a very successful year ahead.
Operator
Thank you everyone, on behalf of MK Global Financial Services and Aurum PropTech Ltd. That concludes this conference. Thank you for your participation and you may now exit the meeting.