Kalaari Capital and Times Internet-backed Oxfordcaps, which had experienced severe financial stress, has been acquired in a fire sale by Altruist Technologies that runs bachelor-focused co-living platform Abuzz.
According to sources, Oxfordcaps had begun downscaling its operations a few months after the pandemic began due to severe financial stress. The crisis also reflected in the company’s filings as it showed that it had defaulted in making three debenture repayments during the fiscal year ending in March 2020.
According to the sources, the company was in the market for a merger and acquisition deal, however, there was no interest from major players in the co-living space.
The acquisition process that began in February is still underway and filings show that Oxfordcaps has appointed Lalit Kumar, a representative of Altruist Technologies, to its board of directors. Following the acquisition, Oxfordcaps’ branding has been changed across its social media accounts too. The company now carries the ‘Abuzz’ branding as a prefix and is now known as ‘Abuzz Oxfordcaps’.
