Ladies and gentlemen, good day and welcome to Aurum PropTech Limited Q1 FY 2023 earnings conference call. 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. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Asha Gupta, investor relations, EY. Thank you, and over to you, ma'am. Thank you, Neeraj. Welcome to the Aurum PropTech Limited Q1 FY 2023 earnings call. It gives me great pleasure to welcome the management of the company represented by Mr. Ashish Deora, founder and CEO of Aurum Ventures. Mr. Srirang Athalye, president of Aurum Ventures and director of Aurum PropTech Limited. Mr. Onkar Shetye, executive director of Aurum PropTech Limited. Mr. Kunal Karan, CFO of Aurum PropTech Limited. Mr. Hiren Ladva, EVP Investment of Aurum PropTech Limited. Before we start the call, I would like to remind you that anything that has been mentioned in the call, which reflects any outlook for the future or which can be construed as forward-looking statements must be viewed in the context of the risks we face, and these risks and uncertainties are included, but not limited to what we have mentioned in the prospectus filed with the SEBI and subsequent annual report. You can find it on our website. With that said, I now hand over the call to Mr. Ashish. Over to you, Ashish. Thank you, Asha. First, I'm pleased to talk to the investor community in this fifth quarterly call under Aurum management. I'm glad to state that within a period of 13 months, Aurum has given a new purpose and management to Majesco, which of course is now Aurum PropTech. Aurum's shareholding in Aurum PropTech has evolved from acquiring promoter stake of around 14% to 50-odd% upon successful completion of rights issue in this quarter. As a group at Aurum, we have always focused on value creation through governance for all our stakeholders, including our customers, capital allocators, society at large, and our team. We believe that we are on the same path at Aurum PropTech here as well. I would like to briefly talk about real estate and PropTech as a sector, which is going through one of its best phases in my mind. We believe that these tailwinds that the sector is facing currently will continue for multiple years to come. I have tried to articulate this earlier as well, that real estate is expected to grow to become $1 trillion economy, $1 trillion sector by 2032. PropTech, the tech adoption within that, will have 10% market share, making it to be a $100 billion sector. At Aurum PropTech, we are amongst the first movers in this sector, and we believe that it will grow in strength quarter- on- quarter, year- on- year. I'll briefly touch upon the comparative journey of PropTech with Fintech. Few years ago, it was difficult to comprehend that finance would be experienced through technology. Fintech led behavioral change and had unprecedented growth. We believe that real estate being a similar asset class like finance is moving in the same direction. We see trends of PropTech as a sector emerging in a similar growth trajectory as Fintech sector. Our belief is that PropTech companies will help bring transparency, efficiency, and seamless experience to this sector, creating multiple home-grown unicorns in the near future. As far as this quarter is concerned, I would like to share our excitement with all of you as this is a landmark quarter for us. We have grown significantly in this quarter and expect similar growth rate for next quarter. We are gearing up to achieve our targeted revenue of INR 50 crores by fourth quarter of this year as our very first pit stop. Efficient capital allocation, working closely with our investing companies, smartly rolling out our in-house products and solutions, continuously strengthening our teams, focusing on revenue growth, strong governance, and being customer obsessed are few mantras that have kept us busy in past and will continue to be our focus in future in order to fuel the integrated PropTech ecosystem that we are creating. I will now like to hand over to Kunal, our CFO, to talk about financial performance of the company. Thank you very much. Thank you everyone for joining this call. Yesterday, the board have approved the results for the quarter ended June 30, 2022. I will take this opportunity to take you through some of the numbers of this quarter. Our revenue from operations for the quarter has increased by 79% to INR 1,464 lakhs as compared to INR 818 lakhs in the previous quarter. The company had no revenue from operations in the corresponding quarter of the previous year. The growth in revenue is mainly attributable to performance of all our subsidiaries performing better under the umbrella of Aurum PropTech. We are hopeful for similar growth percentage of revenue performance in Q2 also. Revenue from both our SaaS and DaaS businesses have seen growth in the current quarter as compared to the previous quarter. Our total income for the quarter has increased by 64% to INR 1,572 lakhs as compared to INR 959 lakhs in the previous quarter. We had a negative EBITDA for the quarter at INR 569 lakhs as compared to negative INR 622 lakhs in the previous quarter. Now I will hand over the call to Mr. Onkar Shetye, Executive Director of Aurum PropTech, to elaborate more on journey of our product and services. Over to Onkar. Thank you, Kunal. Welcome, everyone, and thank you for your continued interest and commitment to Aurum PropTech. Talking about Aurum PropTech, our focus areas for PropTech are four business segments: invest and finance, enterprise efficiency, customer experience and connected living that shadow the real estate value chain. We continue to build SaaS and DaaS products and businesses with a mix of inorganic and organic strategy. As a part of our inorganic strategy, we have acquired and consolidated four companies over the past 13 months. The product portfolio now includes real estate CRM Sell.do and broker aggregation platform BeyondWalls that target the real estate purchase value chain, and rental management platform TheHouseMonk and co-living company HelloWorld that focuses rental real estate value chain. Sell.do continues to provide PropTech solution in the enterprise efficiency segment. We have acquired K2V2. Their ARR from Sell.do... When we acquired K2V2, their ARR from Sell.do was INR 13 crores. Post-acquisition, we have added a new product, BeyondWalls, and fine-tuned their business model, which has effectively raised their ARR to INR 40 crores. BeyondWalls was launched in Pune and has been able to secure a 3% market share of the primary residential transaction business. With this, we have now launched BeyondWalls in Mumbai and Bangalore, and we expect the ARR to grow with these additions. TheHouseMonk has kept pace with its rental management solution and is at an ARR of INR 3.29 crores with a gross transaction value of INR 1,278 crores. We are evaluating various possibilities of leveraging this product for the rental industry. The latest addition to the inorganic product line, HelloWorld, a co-living company, provides a solution for the first instance of any consumer's real estate consumption journey. HelloWorld has an ARR of INR 56 crores with presence across 15 cities. We believe that HelloWorld will soon become market leader in at least three of these 15 cities under Aurum management. The focus of the team now is to closely work on management of all these companies and, at the same time, launch our products and solutions which are built in-house. Our tech teams have built two unique products, Aurum Liv, our real estate transaction platform, and Aurum Infinity, our real estate fractional ownership platform. Aurum Infinity shall be launched in Q2, and Aurum Liv will be launched in Q3. A key strategy to our business is governance, risk, and compliance framework. All our investments and in-house developments are starting to be governed through GRC. This framework has been essential in deciding the behavior of capital, human resource, sustainability, and intellectual rights. The progress through this framework is starting to be closely monitored by management representatives of Aurum PropTech to ensure best governance practices in the group. I would like to conclude by saying that our businesses are built with an eye for profitable growth, rolled with strong governance, risk, and compliance practices, creating value for all stakeholders of Aurum PropTech. I will now pass on the call to the operator to open the floor for questions and answers. Thank you very much, and we appreciate your continued interest in Aurum PropTech Limited. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. First question is from the line of Vimal Panchal from Vimal Panchal & Associates. Please go ahead. Hello. Hello. Yeah, good evening. My name is Vimal Panchal. My question is, you have done four or five acquisitions. How is the integration of this, coupled with how is the integration? Total how many number of employees on the consolidated basis? We have changed the name from Majesco to Aurum, and we've changed the website also and email ID also. Everything we have changed. But on the BSE website, our industry segment comes under that old software company, that's information and technology. Earlier also it turned, but I think nothing has been done from your side to get it changed, that's it. Another question is, when are we making call money for our rights issue? That's all. Thank you. I have taken a note of 4 questions. Hmm. Let me start by answering the first question, which is integration of these four acquired companies. The acquisition of these four companies has been scanned through a lot of due diligence, where we place primary importance on acquiring mature companies with established products, processes, and businesses in the PropTech segment. To make sure that these companies are integrated into our ecosystem and also are governed with the right framework, we have a comprehensive governance risk and compliance framework that is implemented across all these companies in addition to our companies. This includes various aspects of people, processes, compliance, regulatory frameworks, taxation, and also product and brand integration as an umbrella brand of PropTech. There are now 550 employees put together between these four companies, spread in 15 cities with major presence in Pune, Mumbai, Bangalore, and Delhi. With respect to the second-third question, the name has changed from Majesco Limited to Aurum PropTech. The segment remains the same. We are a technology company, and information technology and software remains to be our business. The sector that we provide this solution and service to is real estate. With respect to the call money information, I will hand it over to Mr. Kunal Karan, CFO of the company. Look, regarding the call money, our plan definitely is to use the money that we are having in hand right now, which is more than INR 100 crores. We also have some assets in form of buildings which we inherited from Majesco. Monetization of those assets is our second priority. Then we like to go for the next tranche of the call money. To answer you, we don't have any plan to call for the next round, at least till the end of March 2023. Okay. Thank you very much, sir, for all the answers. Thank you very much, sir, and wish you all the best. Thank you. Thank you. Participants, you may press star and one to ask a question. The next question is from the line of Faisal Hawa from H.G. Hawa & Co. Please go ahead. Can you hear me? Yes, sir. We can hear you now. Yeah. There was this blockchain-based solution which you were attempting to, you know, really solve the problem of, you know, financing as well as, you know, to have these smaller units, which could be in turn, you know, leased out or rented out as form of smaller deeds. Where do we stand on that? Have you been able to crack that software or the product? Thank you for your question, Faisal ji. The blockchain-based fractional ownership platform as a technology product has been cracked and has been developed. There are two MVPs in which we have developed this and are rolling it out. The first MVP is rolled out as a listing platform for commercial real estate, where assets that want to be fractionalized and further tokenized are listed on the platform. The second MVP is then where an investor dashboard where investors can actually manage their portfolio of these investments or co-ownership is to be rolled out. There is another layer of regulation and taxation that the team is working out to close out presently, which is with respect to, is this coming under the SEBI regulation? What is the taxation structure when we are looking at various forms of fractionalization? What is the framework or what is the guidance on the investment form that we need to take approvals under? This is the current status of the development. I'll also hand it over to Mr. Hiren Ladva to add further to this. Thank you, Faisal ji, for your continued interest in the company and valuable questions over the time. This particular technology is something that we feel is something that could transform the investment and democratize investments into real estate sector, and we are looking eagerly to develop our capabilities in that. From a tech point of view, as Onkar has already elaborated, we are nearly there in terms of our readiness to take the product to the market. We want to be very cautious in terms of how we navigate the regulation and taxation before we launch the product into the market. That's where this product right now is. Am I to believe that the product is ready, but we are worried about the regulation, then who our regulator will be itself and whether this is allowed even? Yeah. Actually, if we see in the market, there are few ways and means in which other models have come into fractional ownership. What we want to do is, yes, not only be on the right side of the regulation, but also have a scalable model at the same time. Right now, you might be, you know, compliant with the regulation, but then the model might not be scalable. If you do a scalable, then, you know, the regulation clarity is not there. We are not saying people are not abiding by the regulation, but the clarity is not there. That's why we want the regulatory authorities to help us and clarify in terms of how this would be dealt with, both in terms of taxation, as well as how we treat the financial instrument that is behind this. We acquired a company which was into, you know, advisory and into, you know, Tier 2, Tier 3 towns, and, you know, where we were looking at, you know, acquiring large stakes in these properties. How is that company doing? Out of the INR 15 crore revenue that we have made for the quarter, which of the four companies that we acquired has contributed most to it? I mean, which of these do you feel will be, you know, like the in the next two years at least will contribute most to revenue? What do you feel could be the revenue of our company in 2023 ended, you know, without holding you to any figure or, you know, I mean, without even asking you for something forward, but what on current trends, do you feel that we'll be able to grow sequentially also quarter-on-quarter? This is Kunal. I will just answer your first part of your question that which subsidiary is contributing how much. Look, right now, around eighteen- If you could refer to the subsidiaries by name also because I have generally followed the acquisitions one by one, and Yes. I will just give the breakup. The K2V2, which was our first acquisition, gave around INR 9.8 crore out of the INR 14.64 crore that we have declared now. HelloWorld, which actually has been considered only for 15 days of the quarter, because we could complete the acquisition on fifteenth of June. It has given INR 2.34 crore out of the INR 14.64 crore. TheHouseMonk, which we acquired in the beginning of March 2023, has given around INR 80 lakh of rupees. What did you say the name of the company, sir? TheHouseMonk. TheHouseMonk. Yeah. That Singapore entity that we acquired in, March 20- Okay. 22. That's INR 80 lakhs. Yeah. That I think we have acquired only mainly for the product rather than revenue. Yes. It's a pure service product company. Okay. The fourth company, sir, which has contributed? Balance is our internal acquired from our CREX business, which has given around INR 1.2 crore. This HelloWorld could be like a Yes, sir. You can consider HelloWorld to be almost equivalent of more than K2V2. Is this something seasonal which has come in this INR 2.34 crore or? No, no. It's not seasonal. Okay. It's seasonal in the sense INR 2.34 crore has come only for 15 days because INR 2.34 crore is from 15th of June till 30th of June, because we have acquired only, we could complete that acquisition only on 15th. Would I be right in making a conclusion that for the next quarter it will co-contribute almost like a INR 15 crore revenue itself on its own? You can derive it. Which of these companies is burning cash most out of the four? Out of the four, I think Aurum PropTech will be burning because it has got this product expense, which our in-house product expense we are not capitalizing, we are charging it to the income statement. K2V2 as one product which is still in the development stage, so that is also burning some cash. These two will definitely continue to burn some cash in the next two quarters also. Have you added any marquee developers like, you know, top ten, you know, like a Lodha or a, you know, Ashar Real Estate or a Godrej for any of these companies as a client? Oh, I'll say. Yes, Faisal ji, both K2V2 and also the newly announced acquisition Career Socially cater to the topmost developers in the country, right from Shapoorji Pallonji to Mahindra to Hiranandani, Tata, and so on. The list is really innovative and large. In fact, we serve various micro markets, right from Delhi to Mumbai to Pune to Bangalore. So that's really the aspect across the country. Which are some of the developers? We have Lodha and Godrej who are catered. Which company is creating companies developing? I missed the name, sir. I'm so sorry. K2V2 and Career Socially both combined. K2V2 is the Pune-based company that we have acquired, and CS is the new acquisition that we had announced last quarter. Between both these, they cater to Tier 1 and Tier 2 developers both. Sir, we had acquired one company which was in this youth housing and college going students. Is there any progress in that company also? Because that also is a very good sector. We have completed acquisition of one company in the co-living segment, which does cater to the student housing solution, which is HelloWorld. There was another company that we had looked at. However, we found certain questions in their model, and we are still evaluating this further. You have to assume that you'll be evaluating another four-five deals, and you will probably acquire another three companies going forward? The strategy was a mix of inorganic and organic. Last year, we focused on building this inorganically, where the idea was to cover the buy, sell, and the rent side. In both, we have got products and businesses, so tech products and teams and solutions. This year we are going to really focus on consolidating this, integrating this, and rolling out our own products in both the segments. Sir, about the revenue. Adding to Onkar, having looked at the acquisitions that also we have made, we are in actual discussions with them to actually deep dive and grow our market presence and customer presence much deeper. We'll be actually focusing on much higher growth from these investments for the next one or two quarters. Sir, if you could give some kind of a, you know, ballpark on what the revenue figures for 2023 could look like? As of now, you know, we will not be able to give any committed or any numbers as, you know, any forecast on that. Having said that, we have talked about the annual run rates that we have. For example, if you look at March 31, we were at around INR 95 crores of annual run rate, from a revenue run rate point of view. Within the three months of the first quarter of financial year 2023, we have taken that number to almost INR 130 crores now, right? This is like-for-like comparison across different acquisitions as well as in-house products that we have. Right. That's the growth on a quarterly basis that we can talk about, right? You mean to say the run rate for 2023 is INR 130 crores for the entire year? No, this is a revenue run rate as on June 30th, multiplied by 12. That's the revenue run rate that we are talking about of the invested companies as well as our in-house products that we have. Basically per month the revenue you have multiplied by twelve, so that is coming to around INR 130 crore ballpark approximately. Yes. Yes. Having said that, just to clarify, that is not the revenue guidance because that's just the. Yeah, yeah. Revenue run rate. You have just multiplied the per month by 12. Right. We are assuming that no growth happened in this. During the year at least. I didn't get the last part. You are saying that. Yes. same run rate will continue on growth, further the growth percent can not be more. It still a good growth 30% also. Yes. For next year. Yeah. The way we see it, that fundamentally our businesses have grown in this manner is what we are trying to call out here. We leave it to your analysis and intelligence to see how that can go over the next few quarters. We are committed to growing the same pace is what we are trying to call out here. I mean, can you just elaborate a more on how this co-living space is being looked at and what is our vision for it? Because I mean, you know, the way urbanization is moving in India and you know, with this space I think like to my mind has not been attacked enough by anybody, you know, so to really you know actually create the perfect model for it. Yeah. That's a very fair observation, Faizal ji. Actually this is a segment which had probably taken a back seat because of the lockdown initiated, you know, migration back to the towns. Now that, you know, offices have started opening, people have started coming back to offices and staying away from their homes. One, the rental economy in itself has been growing. Within that, the younger generation, right, which is, you know, just out of the campuses, till their next six - seven years of work life and a bit of student community which stays in educational hubs, right? Those are the key segments which have started coming back to, you know, their own or rather going away from their homes and staying in rented living. That gives us opportunity in two major segments, which is the student living segment and the young generation which is staying in the co-living segment. Predominantly this co-living segment we are seeing very active in in metro cities like Bangalore, in Pune, in Mumbai, as well as NCR and other towns like other cities, metros like Hyderabad and Chennai. Now, if you see the you know where we have invested, we have invested in a company which is very focused on staying profitable, very selective about the kind of supply that we have, very focused on getting high occupancy rates, and hence you know growing at a very profitable way. HelloWorld, which is the company that we acquired, was generating an annual run rate of INR 38 crores on 31st March this year. As we speak, their monthly run rate or monthly revenue is around INR 4.5 crores, amounting to around INR 56 odd crores of annual run rate. Just within a span of three months, we have gone there. Our strategy, to your question about how do we want to build this further, HelloWorld is present in 15 cities right now. We intend to be market leader in three or four of the critical cities that we want to play in, right? That's one of the strategies, and we would achieve that by supply acquisition, by focusing on the customer experience, the co-living experience, both for the student as well as the young working population in the Gen Z segment, right? That's on a two-prong basis, both on the demand side as well as the supply side, we have our, you know, strategy well aligned there. That would help us grow there. Thank you very much, sir. Sir, my name is Ashish Deora here, and I'm glad that you have always been on here also asking us very, very pertinent questions. Your questions are getting more and more interesting, even more interesting, and we are very happy for that. Thank you so much. No, no. Thanks, sir. Thanks for the kind words. But I truly believe that you are actually, you know, solving a very difficult problem, and with what now looks like, you know, the right team members and, you know, I mean, kudos to you know, for taking on something which is so difficult and, you know, where a lot of people have attempted this, but no one has done a 360 degrees on it. Yeah. Well done, yeah. Thank you so much. Thank you. Participants, you may press star and one to ask a question. The next question is from the line of Deepak Poddar from Sapphire Capital Partners. Please go ahead. Yeah. Thank you very much, sir, for the opportunity. Sir, I just wanted to understand. You did mention that by fourth quarter we are looking at INR 50 crores of revenue target. Am I correct? Is that on a quarterly basis that we are kind of targeting? I will pass on to Kunal to detail this out. The point that we are trying to make here is that, as a first pit stop, our internal target is to get to quarterly revenue run rate at INR 50 crores by Q4. That is where we are gearing up all our internal products, our services, solutions and investee companies to do that. If you see the current growth and the kind of tailwinds that we are seeing in the existing quarter as well, that is where we are aiming to take the company. That is where we are targeting to take the company, as a first target and a first pitstop. Kunal to you please. Look, as you understand all that we are acquiring a few companies and those companies will come into this consolidation umbrella over a period of time. Like I said, with HelloWorld, we could just consolidate only for 15 days this quarter, then definitely it will count for the full quarter, going ahead. Similarly, if we can close another one, say, in between the second and third, so that those companies will start again contributing on a proportionate basis over the period. In that way, our target, as we said, that will be around INR 50 crore at the end of the fourth quarter. That is what our internal target is. That is largely driven by inorganic growth rate? I mean- Yes. When this inorganic thing comes in and as occurred in the previous question answer, I don't know whether we could catch that one. Our own products will go live also at the end of the quarter two and again another one at the end of quarter three. Those things those products will also start contributing. Aurum Liv and- Our own percentage is around 12%-13% of the total. That also we'll definitely try to contribute more internally and contribute to the number in total. Okay. That's Aurum Liv and Aurum Infinity, right? The two products. Yes. That is expected to be launched in second quarter and third quarter. Yes. Okay. Initially we don't expect much contribution from these products, right? Because since it's a new product. Look, initially, maybe it will take at least two quarters to pick up the revenue because the businesses are all new as compared to our acquisitions, where the businesses are happening at least for the last three years minimum. These businesses will be totally new, and it will be a start of the operations. Mm-hmm. Fair enough. On the cost side, I think currently, I think we are doing a revenue of, I think last quarter about INR 14-INR 15 crore. Yes. On that operating profit was INR -6 crore. Yes. Ideally our expenses was close to about INR 20 crores-INR 21 crores a quarter, right? Yes. How that we expect to shape up going forward? How will our cost escalation will happen? Out of this INR 20 crore or INR 21 crore, INR 10 crore is our manpower cost, which according to me will not grow because all the annual increments and everything has come up. At least in March, we do not see much addition to the cost in terms of our existing manpower, plus the addition of manpower also is more or less fixed or as per plan, and it will have a very marginal increase over there. The other cost definitely will vary proportionately to the revenue to some extent because some of the costs are directly proportional to the revenue. Mm-hmm. You can consider 50% of the cost to be constant and the balance 50% to move, based on the revenue. Out of this 20%, INR 20 crore cost, 50% employee cost will largely remain constant, whereas that other cost, 50%, will be proportional to your revenue, right? It will not directly proportional, but it will just grow up marginally as compared to as your revenue grows. Okay. At what revenue level do we see our P&L breaking even? I mean, either at the EBITDA level or at the PAT level. This is Ashish here, Deep. We are very conscious of growing but not losing cash for this growth. That has recently been the trend over last two or three years with new age companies, with tech companies, where growth is led by losses and not the other way around. If you see right from the very beginning, we have been very conservative in ensuring that the cash burn is not at all tolerated by the company. Going further, it's very difficult to say what quarter we will become EBITDA positive. But definitely I can say there is a keen eye on growing with profitability and not just growing mindlessly. We are very conservative about that. To another one point of yours, where Kunal was talking about our organic product. I think the way I look at this is, year one was about focusing more on creating the company around inorganic strategy. We did acquire four, five fabulous companies. We took some strategic stake in these companies. This gave us a very good understanding of how the market is, what the market is. In this year two, we are in a way kind of focusing more and more internal. We are focusing more and more organic. We know what to build, how to build, why to build. You will see lot of development happening on in-house products in this next, I would say four-six quarters. This year we'll be about revenue from what we have done in year one, which is investee companies. In the next quarters, this percentage will keep changing, where organic products, the in-house products and services will start contributing more and more. Although we think that the inorganic products which are through the investee companies are also our products itself. Yeah, I got it. Yeah, that's it from my side. Thank you very much. All done. Thank you. Thank you very much. Participants, you may press star and one to ask a question. The next question is from the line of Mukesh Kothari and Individual Investor. Please go ahead. Yeah, hi. In the opening remarks, I heard about the total addressable market to be quite a huge figure. I just want to understand what is your serviceable obtainable market and serviceable attainable market and obtainable market? See, given that India is largely unorganized, in this case, I think the figure that you referred to is quite huge and it's, I mean, even a 1% market share in that would be quite huge, but I think that is not totally obtainable. What do you think about that? What is the basis of the 10% of the real estate market to be total addressable market? Very key question here. The sector is usually unorganized, and it's always difficult to find the right data point to get the total addressable market. Although we look at the sector as pan-India, Tier 1 cities. You have close to six cities where most of the major inventory sale primary and secondary happens. The total size of the real estate industry is supposed to go to $1 trillion by 2030, as per a report published by IBEF. The real estate industry itself will be contributing some 13% to the entire GDP. If you look at the residential real estate market, there is a report published by Knight Frank which talks about two lakh fifty odd thousand units launched in the country on the supply side, and close to two lakh forty odd thousand units sold in the country on the demand side. Mainly in Mumbai, Pune, NCR, Bangalore, Chennai and Hyderabad. We talked about BeyondWalls, our broker aggregation tech platform, which has been launched in Pune. In Pune, 40,500 units were launched last year and around 38,000 units were sold last year, both in primary and secondary real estate. Of which, with the broker aggregation tech that has been rolled out, BeyondWalls has been able to sell close to 12%-15% of the market share on its platform through the broker aggregation tech. Based on that now, we are launching in other cities. Yes, it is a large market, total addressable market to be looked at. That's from the primary and secondary real estate, from a buy-sell side. The rental living industry is also a large industry. We will give you one small example of a student living community in Kota. In Kota, there are 200,000 students that come every year for various preparations of entrance exams, tuitions, etc. These 2 lakh students end up staying in a rental living or a co-living premise, which has a potential of INR 1,500 crores of annual revenue just in one market. We can imagine the size of Bangalore and other cities. There are various reports published on that city also. In Kota, what has happened is, HelloWorld, the co-living company that we have acquired, they have captured a 4% market share. With only a 4% market share, they are a market leader there. The potential to be disrupted is immensely large. This is how we are taking one step at a time, one city at a time, one micro market at a time, and then we are expanding to other cities to make sure that other TAMs are also serviced and obtained and addressed by us. Okay, I understand that. I mean, the numbers that you spoke of, I understand that. See, in the whole value chain, the PropTech demand or the share of the PropTech services would be quite minuscule, right? See, if you look at, we always try to. Even if you take across the four segments that you're talking about. Few are, I mean, pre-sales, few are post-sales, and few are, I mean, post-sales and renting. If I just look at two segments, on the whole business segments, if I segregate them into B2B and B2C, I mean, their dynamics are totally different, right? I mean, B2B would have a one-time acquisition cost. B2C would have a recurring acquisition cost. B2B lifetime value will be quite high. B2C lifetime value will be quite low. I'm just trying to understand what is your total, you know, very profitable market? Right. This is a very complex industry with multiple stakeholders across these four business segments. What PropTech really does is it allows you to make sure that any real estate asset through its entire value chain, right? From investment and finance, where you are for the first time seeking a wholesale investment and acquiring a property to further going on to build that property and then monetize that property to further going on to hand over that property, live in that property, right? You are able to service the same real estate to consumers on an integrated platform which allows you to double dip, single dip, double dip, triple dip your business model on that same real estate, right? When you start with the investment finance segment, you come in with a wholesale or a retail fractional ownership investment model where there's an opportunity to get around 2%-5% of the investment size. Further you go on to sell that real estate asset. On the transaction platform, again, you have an opportunity size of 2%-6%. Further, you go on to service that consumer who's staying in that real estate, again, giving you an opportunity to dip into that real estate asset. That's on the asset side journey. On the consumption side journey also, you are able to take care of the customer at the first instance of consumption when you are taking care of his first usage in the form of student living. Once you have that, once you have given him a taste of your consumer experience, that is then further crystallized on your tech platform. You are able to join that and sweat that customer for multiple products, probably through, for his rental living requirement, for his first apartment sale requirement, for his secondary apartment sale or purchase requirement, and so on and so forth. Okay, fine. I mean, see, I understand it's a very complex and disaggregated segment you are looking at. There have been attempts in the past, I mean, by other players in terms of getting into service apartments, getting into reverse mortgage, and even this co-living space. But it is very, very difficult to crack. How do you intend to get, I mean, have a unified business model, which will enable you to crack these segments? Tech actually has the capability to bank the asset and then service it to multiple churns and bank the customer and then sweat it through multiple churns. That is. Hello? PropTech has got a 10% market share in the U.S. economy. If we do the right things, and if we are able to extrapolate that here, with a $1 trillion economy India real estate by 2030, we feel that the PropTech size will be at a 10% of, 10% will be at a $10 billion. We believe that there'll only be three or four established players who are running the right metrics for the business, having the right products that are servicing both the demand and supply side. That's how we are seeing this industry as and that is why the four segmentation in these four segments, and that's how we are building our products and services around it. Fine. Just a couple of suggestions. One is like, in whatever presentation or pitch meaning that you're making, if you can just classify the whole real estate value chain and what parts of that real estate value chain you are trying to add flavor of tech and then offering solutions. That would be great. Because there are too many segments and, I mean, the specific gaps that you're looking to fill. If you can highlight that, it'll be great. Hello? No, we will definitely build that out as an illustration in the investor presentation. How the real estate value chain is flowing from investment to construction to sale on the enterprise side to purchase to, you know, utilization to resale to services around that on the consumption side. These are four segments that we have factored in. Invest in finance, enterprise efficiency, customer experience and connected living. That's how we have mapped the entire real estate value chain into. Okay. Yeah. The second suggestion is on the fractional ownership. I mean, within the framework of the current laws, what is it that is possible and what is it that is stopping you? Because see, cars were never built in anticipation of roads being built. I mean, if you are able to highlight what are the impediments, because it's a big segment to crack. It is definitely a big segment, as Hiren Ladva earlier mentioned that we need to build it in a way that it is scalable. The present form of fractional ownership allows investments in the form of financial instruments of up to INR 1 crore or in the form of equity in form of INR 25 lakhs. If we look at pure form of co-ownership, which is a real estate co-ownership, you can definitely have a lesser amount of investment size. But all these three models need to be really scalable and appeal to a larger retail audience, where the investment size is reaching out to a retail audience and also that helps you increase the velocity of investments and also makes the entire model scalable. There will be only a limited pool of investors who will be attracted to a INR 25 lakh investment. There'll be only a limited pool of investors who will be attracted to a INR 1 crore investment. When you look at a larger or a smaller ticket size, which is governed with the right regulations, then we are looking at a completely scalable model. Our tech build is from that angle. The technology and the platform is being built from that angle. Our go-to market will be with the available regulations at hand. We might start with what is available under the AIF instrument. We also will look at the equity structures which are presently available models. Then further, once we have clarity on the regulations, we will look at smaller ticket sizes. Okay. Do you think that REITs would be a competitor for this fractional ownership kind of a structure? From an investor's point of view, just limiting your addressable market. REIT is definitely an evolved and a mature model. REIT, however, is a controlled model, presently. The time to come out with a public REIT has a gestation time of around three-five years. You know, you have to do a private REIT first, and then you have to get a public REIT. Which means that the asset size that will come onto the REIT market will have its own gestation time. Second is that the investor is not able to control the asset that he's purchasing into, because REIT is a combination of multiple real estate assets combined into one pool, right? Where you get a blended return of the yield from these multiple assets. Whereas the fractional form of ownership will make sure that you are able to control the asset that you are investing into. That's one key differentiator between both models. Okay. Fine. One final question. Who do you think are your competitors and how different you are from them in across all these four segments? I think the PropTech industry in India has evolved quite a bit in the last two years. We have seen investments between 2018 to 2020, there was $1.5 billion of investment that has flown in. In 2021, $750-odd million of investment has flown in. Some key players in the market are now announced in the private space as unicorn. NoBroker, for example, is taking care of the rental industry. They have been on that space. Livspace who is looking at the furniture rental industry is at that space. There are also companies like 99acres and Housing.com who have been in this space for a long time, but these are also classifieds. One key differentiator between all these companies and ours is that everyone has a single business model where they are only looking at the listing space or a classified space or rental industry or the furniture rental space. Whereas our objective is to build an integrated suite for the enterprises and also for the consumer. That is what increases our TAM. That is what increases our ability to dip into the TAM multiple times with multiple customers with the same asset. Fine. Thank you. Yeah, good. Got it. Thanks a lot. All the best. Thank you. Thank you so much for your question. Thank you. Participants, you may press star and one to ask a question. The next question is from the line of Devang Chokani from Devang Management Limited. Please go ahead. Good evening. I had a question that we had acquired two buildings from Majesco Limited. How well have we mobilized that? We have not acquired. Actually, the buildings was in the books of Majesco Limited, so we have just got it. When the current management got it, both the buildings were vacant. One was under progress. Construction was under progress, we had just completed the construction of that building. We have got that OC and everything is there. The building is still unoccupied. The other, the bigger building was unoccupied at the beginning of the current financial year. Sorry, the current calendar year, January. As on date, 40% of the building is already put on rent, and maybe by the end of this fiscal year, 100% of it will be occupied. To add to Kunal, when we acquired Majesco Limited, these buildings came in as a part of the acquisition. These buildings were like he said, the first building was already there. It was being utilized for their own consumption of their teams, the earlier teams that were sitting out of that space, and the other building was under construction. After we acquired it, we worked out a path to monetization because Aurum PropTech Limited is clearly an asset-light model where we don't intend to keep asset-heavy structure. We don't intend to keep assets in the portfolio. Towards that model, we have gone on to lease the earlier, the first building. 75% of the leasing is complete now with some marquee names in the building. There are two financial institutions, one a national bank and one, a financial institution that has taken space, which covers up to 60-odd%. There's another balance 15% leased out to another tenant. We will make sure that by the next quarter we have some visibility on the balance leasing. Then the asset is up for monetization, including the old asset which is pre-leased and the new asset which is just got constructed. That gives, that also adds to the liquidity of the company which can be further deployed for the PropTech business and group. I hope we've been able to answer that question. Yes, sir. Thank you so much. Thank you. A reminder to all the participants, you may press star and one to ask the question. As there are no further questions, I now hand the conference over to the management for closing comments. We thank you all for your continued interest in Aurum PropTech. We intend to build a very robust integrated ecosystem for the real estate industry. As a part of that, we have made sure that all the right moves have been done in the last year, and we further intend to consolidate and build on this further. We will look forward to hear from you and build this further together with you. Thank you very much. On behalf of Aurum PropTech Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.