Real estate developer Ajmera Group to invest $10 million in start-ups

Ajmera Group, a Mumbai-based real estate developer, is planning to invest about $10 million in start-ups as part of its expansion plan. The company has already picked up stakes in three start-ups and plans to invest in around seven more by the end of next June, according to a top executive. The company is planning to invest in technology-based start-ups, particularly those in the fintech and software-as-a-service space. Ajmera said it would also consider outright acquisitions of such companies. The company began to invest in the start-up space with BookMeIn, an online marketplace where users can find and book appointments for services, about two years ago. It has also invested in The Sports Gurukul, a company that runs sports programmes in schools and colleges, and ModuleX, a modular kitchen development start-up. “We are primarily in real estate but with opportunities coming up in the start-up space and the vision of the government, I feel it is a great business opportunity. The future (of the start-up space) definitely looks really good and we want to participate in it. It also gives us an opportunity to enter into a line of business which will grow organically,” said Dhaval Ajmera, director of Ajmera Group. The real estate company, which was founded 50 years ago, has diversified into various other sectors over the years, including power, steel and education. In September, Ajmera also entered Bahrain with its first international project.The company also has plans to develop residential projects in Rajkot, Bengaluru and Mumbai.