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Ladies and gentlemen, good day, and welcome to Q4 FY '23 Earnings Conference Call of Aurum PropTech Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions]. Please note that this conference is being recorded. I now hand the conference over to Miss Vanessa Fernandes from Aurum PropTech Investor Relations. Thank you, and over to you.
Good evening, everyone, and welcome to the earnings call for Aurum PropTech Limited for quarter 4 and financial year ended 2023. We are happy to have you all here to discuss our latest financial results, and we appreciate your continued interest and support. Joining us today is Mr. Ashish Deora, the Founder and CEO of Aurum Ventures. Under his leadership, our company has experienced significant growth. We also have Mr. Hiren Ladva, our EVP of Investments, who will share insights on our PropTech ecosystem, followed by Mr. Kunal Karan, our Chief Financial Officer, who will talk us on the financial highlights of the company. Before we dive into the details, I would like to remind everyone that the forward-looking statements we may discuss are subject to risks and uncertainties that are detailed in our prospectus filed with them and the subsequent annual report. We encourage you to review these documents, which are available on our website to fully understand the risks associated with any future projections or statements. We shall start the call with Mr. Ashish Deora suspected on our performance over the last year. Over to you, sir.
Thank you, Vanessa. Good afternoon, everyone. I'm glad to connect on this investor call for the eighth quarterly call under our management. It gives me great pleasure to speak with all of you today and share our journey of exponential growth during the financial year 2023. I'm happy to announce that our team's focus has led to incredible growth in the last year. It closed revenue of INR 139 crores in the year, which reflects our commitment through excellence and the execution of our well thought strategy. I would like to highlight to point to this effect. Firstly, we had projected our Q4 revenue to be INR 50 crores. I'm glad to state that we have surpassed the projection. What is important is that the target of INR 50 crores was made at the beginning of last year when our revenue was to the tune of INR 14 crores. Exponential growth is really becoming the mantra and behavior of Aurum PropTech. We see that we can now aggressively project and consistently achieve. This remarkable achievement is a testament to the team's relentless efforts and unwavering commitment to our shared vision of creating a future-ready company.Our revenue growth momentum demonstrates our leadership in the project center. This also gives us confidence to execute with discipline what we believe with our well thought strategy. With our strong positioning, cutting-edge technology and unwavering focus on customer experience, I have no doubt that we will surpass our current targets and continue to drive data based growth and innovation in the industry. Moving from revenue growth, I would now like to take a few minutes on our strategy. At Aurum on using cutting-edge technology to equip real estate consumers with innovative products and solutions for customer experience. We are committed to continuing this approach by investing in new and cutting-edge technologies, along with strategic acquisitions to further enhance services while providing exceptional value to our customers and setting us apart from the competition. Aurum's latest focus on its core competencies has driven innovation and growth in the industry. As we look to the future, analyzing data and then integrating with services and capital keeps us challenged on a daily basis. We remain committed in our pursuit of excellence and in achieving our vision of becoming the top real estate tech-based services company in the industry. Further, our belief that digital products require an anticline mindset is getting even more we are formed with a new quarter. And with that in mind, we continue to deepen our engagements with entrepreneurs to create a robust ecosystem. The integration of debt data strategy and services, along with an anticipatory mindset is the engine of growth for the next few quarters. I'm confident in our future prospects and the steps we are taking to achieve our ambitious revenue goals and pivot on our financing position. Thank you all for your continued interest and commitment to Aurum. As we move forward, I'm excited to share more insights with you and discuss our progress. I now request Hiren to kindly take over for the next segment of the call.
Thank you, Mr. Ashish, and good evening, everyone. Let me take a few minutes to walk you through our PropTech performance for the last quarter and the year going by. First, I'm happy to report that 2 of our partner companies, Elevar and K22 technology have grossed more than INR 50 crores each in revenue in the financial year FY '22 on a stand-alone business. Second, if we look at our partner company's FY '22 revenues, we've selectively more than doubled the revenues in FY '22. As you would recall, most of these companies were not under on top take in FY '22. As a one has clocked 93% Y-o-Y growth by K2 has delivered 140 Y-o-Y growth of 140 percentage. Aurum Analytica, which got acquired at the beginning of October 2022, has delivered INR 7.6 crores in H2 of FY '23 compared to INR 3.9 crores in FY '22 H2. This is a significant achievement as it highlights not only the intrinsic growth potential of this center, but also the strength of our ecosystem. We are experiencing a healthy increase in customer acquisition as well as their engagement on all our platforms in the form of transaction enables, for deter or best rented. We are thrilled to see the value delivered to our customers and their continuous trust in us. Profitable growth is in our DNA. In this case, reflected in how we are scaling within comparable zones of profit margins, while some of our competition has opted for scalability without sound business viability. Now I shall quickly touch base on a growth opportunity for the upcoming quarters. On the Connected Living segment, we have increased our presence in cities where rental demand and prices are growing, for example, in Bangalore, and we should benefit from the overall spike in rentals across all comments there. Additionally, we have added new supply in the stone segment in places like Cota well before the start of the year. Our properties provide compatible and a safe living as well as a steady environment to assume in tenants. This is what will enable us to remain a leader in this set. Now invest in finance system, Intego Asset Management has garnered further fund commitments of INR 60 crores, taking the total investment to INR 207 crores. We will be augmenting our reposition portfolio with the launch of a new investment platform in the coming quarters. Rambo the same is underway, and we will be taking the product to the market in the month of May '23. Within our enterprise efficiency cluster, sell-to real estate SaaS CRM product continues to be the market leader in India with more than 500 active real estate clients and around 8,000 plus licenses. We have more than doubled our licenses during the year online. At the end of Q4 FY '23, Aurum Analytica, order book grew 2.5x the number of projects it had at the end of Q3 FY '22. We continue to meet exciting prospect ventures on investment fund, and we will update you on any transition as well as they materialize. We are committed to build and grow our SaaS as well as RAs products in the upcoming quarters, promises to be an exciting-- to be exciting ones for our growth trend. Thank you for your continued support, and we look forward to sharing some updates with you. More updates with you . I'm pleased to hand over the call to Mr. Kunal Karan, our CFO, to provide an update on the financial statements of [indiscernible].
Thank you, Hiren. Thank you, everyone, for taking out time to join us on this call today. Today, the Board of Directors have approved the audited results for the quarter and the year ended 31st March 2023. I will take you through the summary results of the company. Results for the quarter ended March 31, 2023 first. The revenue from operating for the quarter was INR 45,236 crores as compared to INR 48.56 crores in the previous quarter, up by 17.3%. The total income for the quarter was INR 6.33 crores as compared to INR 41.1 crores in the previous quarter, up by 24.7%. EBITDA for the quarter was INR 425 crores, that is 9.4% of the revenue as compared to INR 196 crores in the previous quarter. Loss for the quarter was INR 9.83 crores as compared to INR 10.4 crores in the previous quarter. Results for the year ended at 31, 2023. Revenue from operations for the year was INR 126.7 crores as compared to INR 15.79 crores in the previous year, up by 73%. Total income for the year was INR 194 crores as compared to INR 201 crores in the previous year, up by 61%. EBITDA loss for the year INR 294 crores as compared to a loss of INR 13.08 crores in the previous year. The total loss for the year was in INR 40.3 crores as compared to INR 13.7 crores in the previous year. Now to the balance sheet as of 31st March 2023. Total assets were INR 39.77 crores as of March 31, 2020 as compared to INR 257 crores at the end of March 31, 2022. Total liabilities were INR 156.94 crores as compared to INR 31.83 crores at the end of March 31, 2022. Equity attributable to the equity shareholders of INR 222.54 crores as compared to INR 158.0 crores at the end of March 31, 2022. Cash flow, the cash line operating and investing activities during the current financial year was INR 50.06 crore and INR 45.06 crores, respectively, and cash generated from financing activities of INR 79.98 crores -- the cash at the end of the year is INR 21.27 crores, other liquid investments at the end of the year was INR 29.95 crores. With this, I will now pass on the call to open the floor for question-and-answer session. Thank you very much, and appreciate your continued interest.
Thank you very much. We will now begin the question-and-answer session. [Operator Instructions]. Ladies and gentlemen, we will wait for a moment while the question queue assembles. As a reminder, [Operator Instructions] The first question is from the line of Rahul Shah Industrial Investor.
Congratulations on the amazing growth in the great numbers. It looks like we are heading to a great next financial year. And I wanted to ask you the question that currently the interest rate environment is such that it's affecting all companies and industries. It also is impacting a lot of infra companies and being real estate, one of the heavy capital businesses, do you think it will have repeat on real estate as well as top tech industry? And what measures Aurum are taking to tackle the same... Thank you, Rahul.
This is Daniel. I'll attempt to answer your question. We believe that the economy overall had slightly shifted towards the high interest environment wherein the RBI came with series of interest hikes. However, we have also seen that on the previous revision RBI has taken a pause, and we'll wait and watch what new direction as the RBI give on this. Having said that, I'll answer the question in 2 parts. One is overall impact on the real estate front and secondly, the impact on our profit itself. Now despite the interest reside, there has been a continued uptick in real estate transactions as reported by multiple media and sources in terms of the bookings and the -- when you track real estate developers, even the listed ones, you see a significant uptick in the bookings and the sales that have happened. So that is whenever such a sales transitions have happened. There is a follow-through demand in terms of allied property services, and that is one area as a PropTech company would expect to benefit from.Second is that, as I said, since RBI has taken a ball inflation being its primary concern, we believe that there shouldn't be a very long-term impact in terms of sales transaction. There could be momentary or era. But at the same time, coming to the second part, where is where I talk about impact on us, we actually see that when there is such interest rate high or where whenever there is a bigger challenge for developers to distribute or offload their inventory. That's where some of our services, which are insane enabling developers to reach faster and sharper to the target clients. That's where our offering, that's where our partner companies actually are able to deliver value, and hence, we as a company benefit from that. right? So our services are, in a way, hedging against this interest rate cycle is bought by design and by virtue of the offering that, we take to the developer community.So in that sense, that is one answer. The second aspect of the impact on our company is that we are not aligned only to the retail sale transactions, specifically on the residential real estate market. As a PropTech company, our services, our takenable services cater to the rental, the collaring aspect also significantly. And hence, that's a little more or relatively more recession-proof or interest rate revision proof business as you may call it. And hence, the impact gets further subdued because of that. I hope I was able to answer to you.
The next question is from the line of Pawan from Compound 26 Capital .
I have a couple of questions. The first one was you provide the breakup of revenue business-wise for the quarter?
So we provide the breakup of revenue under the segment as and RAP. The radio cash revenue for this quarter was INR 6.04 crores in the RAP revenue of INR 39.32 crores to INR 39.66 crores.
And under RaaS, you have BeyondWalls and Helloworld. So it'd be possible to get like what's the major component out there? What's the major that the driver of that?
So that will definitely have [indiscernible] business. So if you ask for the numbers, elevates made around INR 52 crores in this year post the data acquisition that is what we have consolidated in the numbers. Note revenue that they have made during the 12 months is INR 63 crores and out of the quarter of INR 39 crores as... INR 39 crores has been around INR 17 crores. Has done around INR 12 crores.
The second question was what the status of the sale of the residential building because I think you've been talking about that for a couple of quarters. Is that something that's being contemplated?
Sorry, I couldn't get you...
What is the started? Can you hear me now? We have we seen in the last couple of quarters about a sale of 2 buildings.
So looking at we have got, building 1 is around 120,000 square feet, another around 30,000 square feet. So right now, the biggest building, we have already acted on lease and a smaller building is still available. So we are still expecting the market to grow it with more. So we are waiting for that we are not in a hurry though there are a couple of opportunities that came to us, but we have not done a hit. So we are just keeping those fees on hold because right now, the buildings are profitable in that trend in the cash.
As a reminder to all the participants to ask a question [Operator Instructions] The next question is from the line of Rahil Shah, Investor.
Hello. Hi, 2 questions. First, any product offerings or planning for DAS or SaaS and enable of them? And the second question will be on outlook. Near term, what the first quarter for this FY '24 and even long term, like which areas in this business, we think we got the best going ahead, any challenges we foresee. And if you can just follow that with any guidance or outlook in January, which factors will drive growth for the business. Thank you.
Rahil, you'll have to help us with your first question. We couldn't quite get the line.
Sure, sure. I was just asking on the product offering. So you have -- so in that and you planning on developing new products for the market...
So just to rephrase, so that I understand your question. Clearly, the first question more seriously. You are looking for some understanding in terms of our product offering in future or a new offering specify. Is that correct?
Yes, yes. And be it for that or the SaaS situations which you operate?
So I'll take the first one. As you know, we have 2 major of the 2 large contributing SaaS products. One is in the co-leading segment, we were the transition segment or the developer side. So there, we are continuously upgrading our product features in line with the feedback that we continuously keep receiving from the developers who are clientele customers and seeing what further integration that we can do with other SaaS products or ERPs that the developer might be having. So that's the product augmentation plan that we have, which is a continuous way. The second, as far as the other B2B SaaS products that we have in our portfolio in the form of the house. Where we are right now catering to property managers, property owners in the residential or the co-learing segment. Then we have 2, 3 key product ideas, which are as of today under BOC or with 7 to 8 clients in the commercial space. And once the POC is over in the next 2 to 3 months, we will be launching them further aspect a wider plantable. So we have -- we also have under the whole and ERP light CRM SaaS product in the name of sky large which has, without significant investments in go-to-market efforts already clocked more than 1,000 odd clientele. And we are very excited about the growth of this particular product. So that once again, this is right now in the POC stage only, and we are not monetizing it any, right? So once the POCM will take this product to the market. So this is as far as the app is concerned. As far as the ad forces are concerned, in the coding segment, as of now, we are focusing on on around 10 major cities with 3 cities where we aim to have leadership positions. From a segmentation point of view, we are in the mid segment, and we have a few offerings going towards the premium side as well. And the third subsegment would be the student living segment, where we are also one of the market leaders there. So we will continue to focus there on the supply side, supply acquisition side in line with where the demand is coming from, right? So that's where that has been a 4. That's what we'll continue to focus on. Then in terms of the other RaaS offerings, I think we have BeyondWall which got introduced to the market almost out of the year back. I think we are now in a position to take this more from our new markets point of view rather than specifically new offerings, continued product development, addition of features set would continue under the NOLs or product. But now the time is for the product to be taken to either market, and that's what we will be focusing on there. I hope that kind of gives you an idea of our product strategy at the moment.
Yes, yes, definitely. And on the second part of my question, which is on the outlook, if you can...
So this is Ashish. I think the financial year 2023 has been a very defining year for Aurum PropTech because we did 139 and INR 40 crores of revenue in this year with last quarter being INR 51.5 crores or something. We think that the way we look at the upcoming year is that-- there has been tremendous discipline in execution. There's tremendous focus today with all the companies and all the products that we have in the market. In terms of development, the products that are getting in and the features that are getting into the market are almost on steadily. So it kind of gives us a calendar conviction that we should be on a strong growth momentum going forward as well quarter-on-quarter. I guess at this stage, that is what we can share in terms of guidelines and our outlook. Okay. But at least you can say that from here, it will be upwards in terms of trajectory. We again could have catched our growth.
So what I get from your explanation is, we can at least expect a good like upward trajectory in terms of growth, even top line and EBITDA growth.
That is for sure. That is for sure that we are on a great growth trajectory. There is no reason there's no reason for us to -- there's no reason for us to kind of slow down on that. Also, another factor that has been very encouraging is that our expense to income ratio has come down from 1.6 to 1.2% from quarter 1 of last year to quarter 4 of this year. So we are also keeping a key eye on the expense income ratio while we are keeping a very strong focus on the growth momentum. So that's much easier to grow if you don't look at expenses commission. So the balance of that is the challenge, and that is what we are on focus on. But I think the last year has given us that conviction and sense that you can grow exponentially and you can still be on the path to profitability.
Okay. Okay. Thank you, Ashish.
Thank you. The next question is from the line of [indiscernible] from Global Capital.
So this is really phenomenal to see how the company is doing and also that how we are making our guidance. So we have already achieved the IRR of ConCrthat we targeted earlier. So I'd like to continue with the previous question, the question has already been asked, is we -- can you please help us with the revenue of different business segments that we have that is the T22 Motech, Integra, et cetera, because if we get to know these then only we can understand the business very very... So look...
It is difficult to call out all the numbers because you are asking that specifically in the numbers definitely come out when we publish our annual report. So I just give you the numbers, the breakup of the INR 126.7 crores of revenue from operations company-wise. So the Aurum, the companies under Aurum has done around 17 yet done 51. Aurum Analytica has done 6.79.
That will help us. And you have the details in the annual report, right?
Yes. So annual report comes, we will get the details because that is we can publish...
Okay, that works. And also, I believe that the company has had some vision for, let's say, coming 3, 4, 5 years, some aspirational targets that we are looking forward to in terms of revenue and EBITDA. Please were down the line.
So this is Ashish. Detail 3-year forecast is difficult to kind of it on the call. But what we are clearly seeing is that the company, as I said earlier, is on a calendar growth trajectory. We are very focused on being conservative with capital. We think that we have put in the right financial prudence. We think that we are able to announce scale our products. Our management is able to work with companies, integrate them, bring them to a collaborative effect get them to work together. Our technology, data, capital and services, all 4 are integrated well along with the unpresent that we have and things like that. So while, of course, we had the 2026 internal revenues, which are anybody aggressive. But I think we need to take it by the quarter and kind of pay that out.
Yes, that works for us. And you guys are really doing a great job. Thank you.
Thank you The next question is from the line of Neddy from Senko. Hello Ned, your line is unmuted. You could speak now.
So just wanted to know what do you think about the future prospects and the expected market size of protect space? And any new company acquired or any new products or service developed during the FY '20.
Thankfully, you've asked about PropTech and not on profit. So a little easier to answer because the Coromatic, we have limitations on making forward-looking statements. But as far as the sector is concerned, overall, right? So we have continuously maintained and stated how bullish we are and then we drive our vision from a 2030 projection of the Indian economy, of which if you take 10%, actually, it is around 13% as the property sector as a percentage of the GDP. And within that, if you take the PropTech as a segment, that would be another 10% that itself is roughly $100 million opportunity in the next 7 to 8 years now, right? Now within that, the way we broadly see is that fortunately or unfortunately, the adoption of technology has been lagging compared to many other sectors, for example, retail or any other manufacturing or logistics sector, for example, right, where tech adoption has been faster than it has been in property, and that gives us a huge opportunity to scale up at the future we are in. And this adoption is happening across the entire life cycle of any property unit consumption, be it commercial real estate or residential real estate, which starts from conceptualization of the residential or the commercial project to its construction, to its delivery to the sales and marketing part of it, eventually consumption part of it, which could be in terms of leasing, renting out. And then there are tremendous opportunities for a play to make life simpler, easier, efficient for the entire ecosystem, right? And that's what you see if you look around in terms of top tech, there are many exciting propositions and start-ups coming up. And we had on PropTech have been fortunate enough to have the right presence already marked and where we could grow further from here in terms of, for example, the transaction space. Right now, we are focusing on the residential part the rental and living where through Helloworld and co-living segment, we have a very good position to grow further. And I'm talking about long term so 7, 8 years, the opportunity could be very, very large. And three, the other wider segment is where the capital services come in, where the efficiency play comes in for enterprises, right? So when we try to paint the canvas of profit, one, it's exciting simply because the amount of growth prospects is present. At the same time, it's even more exciting with the applications of tech and more so now with AI, ML, the use of big data at the bottom of it and then the adoption opportunity that is presented by the port sector in India itself, right? So some total of it, I think we continue to remain excited and motivated by the opportunity that PropTech has.
Okay. Also, could you give us detail about top products across SaaS and RAS and the most generating product.
So we partly covered it in the previous question, but I'll reiterate. As far as products are concerned, we have one is seller under T22. The other is the house mount under Monte labs, right? These are the 2 main at products as of now. There are a couple of other products which are under the POC or the development stage, and their revenues have not yet started clicking in material way. Then moving on to RAS services. We have on the Helloworld business; second, catty beyond was business. And then Integra's asset management services, then followed by our Analytica, but -- and that was the last transaction that we recorded. So Analytica is also a part of the team.
Thank you. [Operator Instructions] The next question is from the line of Vipul Arora, investor.
So my question is to B2C segment. So I learned that Aurum in the last few months introduced some of the B2C products like Aurum [indiscernible]. So all those products are typically for the consumer side. So doing is acquiring the customer a bit costly as well as retaining. So my question is because those are the new products, and we have a couple of competitors as well with a good balance sheet. So they are also in the same space. So my question to Mr. Ashish. So could you please share your thoughts and give us some light about your planning about the products that we recently introduced, especially into the B2C segment?
Till this B2C segment is always a tough segment. The gap, what is -- is becoming higher and higher with time effectively to garner INR 1 of revenue these companies are spending more than INR 1 that sometimes INR 10 to cater quantity of. We definitely do realize that and why they like that we have good products in the B2C segment. But also our own philosophy can't allow us to spend a lot on the consumer acquisition costs, which typically continuing to -- so if you look at the period of today is our new aggregation product. If you look at in stock, you can start and you are trying to solve the secondary home market, which according to us, nobody has been able to track until now. And the forum leads we are trying to solve the finery segment market. To my mind, the oral is that much easier as they can lesser customer acquisition costs. I then come to then confer it. What we are getting is a tremendous amount of support and PAC and Pika from various of our own companies, which we integrate these B2C product and then we kind of announce or. So for example, today can also work with BeyondWalls homebuyers because whoever is time homes on a base and BeyondWalls, also generally over. And that is why there is a connect between today is and BeyondWalls.And so on and so forth. So this is the way we are building the B2C products. Our ramp-up on B2C products will be not as fast as the other customers. but it will definitely be more sustainable with more cash, more cash conservative approach than most of the other company. This is what our strategy has been on the existing products. Also, we are now in purpose of launching data products, which is called to data hub, which is again a B2C data product, which we think is great tremendous value for our home buyers and whether it's value. And that also helps us to date in stock home and auto because of the knowledge that all data has been provided to the potential on our home buyers or people are also wanting to an -- so we have, I think, a 360 strategy on how to keep the CST on a sustained point of size around this to digital products. These are early days. We feel them confident for the departs on housing kind of approach.
And the second part of my question is, now we have a couple of partner companies and the synergies is definitely be like working each other. So are you going to face any kind of challenges to being managing the particular founders at the same period with the same mindset that you have in your mind, especially with the partner companies.
They are always challenges, right? Whenever there will be people involved can even with the own team members that can be challenging. So I can say that there are most internal challenges. But we see that we are -- whether we are being able to bring value to our partners, or founders or our management team or not. And the good thing about these is a team that it can be very collaborative. It can be very thin in scenario. So for example, BeyondWalls, which was the first company that we had worked with and we partnered with. Now they are kind of working with us for -- also for along the ads, right? Also, we are now working with -- they are helping companies like Shriram Properties to come into Acuna because Aurum also applies 15% in Sriram properties, not all on proceeding program of like 15 percentage in property. So they are also now kind of working with Shriram Properties in Puma. So this is an ecosystem that we talk about. I think if the founders and the management team is where more and more challenges when they are less challenged than the post for each other. And that is what we are trying to work with.
Last question, you just pointed out like the clients trying especially Shriram Properties as well and Analytica have great time beat. So are we also trying to cross-sell the products which definitely matching to the clients? Are we able to cross-sell in time, maybe not today or coming future as well?
Yes, that's definitely in the plan. Having said that, yes, we're very cautious about the right synergies. So one of -- one key element and in the previous meetings, we have called about a platform where we actually get these founders to talk about those synergies, common go-to-market strategies and plans. So there are already including Analytica as well as other organizations. -- those synergies or those joint go-to-market plans are -- have been called out, ironed out and then the POCs are underway, right? So that's definitely there on the cost. That's one of the pillars of the ecosystem collaboration that we have. So you are right. Yes, we are working on those.
Just let me add two or three, also what we are doing is we are keeping a key eye on the numbers, what it does the impact if effectively we have seen that companies going to 2 to 3x in 18 to 24 months. That is what we have seen from the time that we have acquired or invested or started to partner with -- and we are just kind of ensuring that, that growth at continues each product with each company with each with each B2C product effective. And I think that growth focus without using too much capital kind of getting together to get to help each other in that collaborative fashion, which we run through for the market in a forum, which he was talking about.
Definitely. As really makes such kind of platform, which basically collaborates by all ponder. Just one request to management. If possible, sir, can you please -- even though -- not today, but any future you can invite the investor so that we can meet you as a Phase II base would be releveled?
The next question is from the line of Devang Corani from Devon Management Private Limited.
My question is for the Aurum digital home. So how are you complete competitors like 99 acres and other preestablished people in the sector with a into -- are you planning to beat them? Or are we planning to build a different consumer base altogether?
So thanks, Vern, for the question. Just to clarify, we actually do not -- with in sounds, we do not compete with 99 acres. Their offering is completely different. They are a listing platform yes, potential buyers are able to meet potential sellers. It could be C2C, could be B2C, whereas InstaHomes is a pure C2C transaction platform that we are aiming to build, right, where somebody who's wanting to sell their inventory, sell their residential unit is able to reach out to a potential buyer, and that's the opting there. And so in a way, not complete its 99 acres, having said that, in the C2C residential sales market, as Mr. Ashik was turning out earlier, it's a problem that remains to be solved, and that's the opportune that we are actively trying to take platform, solving for various fundamental challenges in the space beat in the form of trust or the amount of time it takes to either sell or buyer into property in secondary sales, so because some of the challenges that we are aiming to solve it with our tech platform.
So the primary residential market, generally in India averages to around 2.5 lakh units being sold one or beat. If you take an average apartment grow and assume 2% operation at the primary market accounts for about INR 4,000 crores market on an early basis. So you're not taking a similar number for the secondary market or is it a INR 4,000 crores operate market. take available for everybody. And they just started on we are there.
Okay, thank you. I had another question for the over which we have -- so do is being a star performer for us for a very long time since we have acquired it. So are we planning to make it available in more cities like it's available in 15 cities as of now, right? Expanding it in different cities? Or are we planning to have more of it in the current cities only like more branches of head world in the currency to be already existing or taking new cities altogether?
This is Ashish. On webinar any of the companies, including Helloworld is a major decision because it's very easy to expand a very difficult to maintain then even more tougher to shut our operation in use. So we believe that I think we are in a very sweet spot with 15 of cities that have currently operates in. Of course, we review this on a monthly basis. You might see 1 or 2 cities kind of being replaced by 2 or 3 cities. The number might become 16, 17 or 18. But in there is definitely no plan of strategies to be seen in more than 20 cities even in the next 2 or 3 years. So even behind that is that is operations business. It is our brand that is put upon that. So we want to be very careful on what kind of value are we providing to the use of Helloworld. And if you expand into more cities, then that we believe can get a little bad. So we'll go slow. I think with 15 cities in every case you are covering a very large part of the country per se from a point of view of the total. And think we are at a level.
To add to that, a choice of supply, right? And which is not just at the city level, but also at locality level. To ensure properties as well as tenants. End of the day, it's all about unit economics and the operational efficiency, right? So single units in our large micro locality or very few units in a smaller city with it with a smaller potential, I think those are the kind of equation that we do not want to get into. And that's why we are very cautious, and that's why the option of cities at the moment. The moment we see that the demand of coliving as a segment, right, starts going in a particular city where there is tremendous employment ration of the right target segment that we have, we will definitely keep arising.
Okay. Thank you so much, that answers my question.
Thank you. As there are no further questions, I would now like to hand over the conference over to Miss Vanessa Fernandes for closing comments.
Thank you. We thank all the participants who have joined us today. I now have kept on continuously tracking us over the past 4 quarters. We thank you for your continued interest, and we look forward to seeing you again in the next call. Thank you very much. Have a good evening.
Thank you. On behalf of Aurum PropTech Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.