In a significant development in the Indian proptech and real estate landscape, Blox, a leading retail and mandate firm known for its proprietary AI-powered platform Blox.xyz, CRM, and India’s only Real estate-focused deep tech AI division, Bloxlabs.ai, has announced the acquisition of a controlling stake in Justo, a prominent mandate brokerage firm.
This acquisition not only solidifies Blox’s position as a Proptech leader but also boosts its consolidated mandate business Gross Transaction Value (GTV) to approximately INR 8,000 Crore this year.
Aditya Jhaveri, Founder and CEO of Blox, stated, “This strategic acquisition marks a significant step in revolutionizing the Indian real estate landscape with AI. It reflects our commitment to expanding our innovative footprint across India, democratizing cutting-edge AI technology for all stakeholders in the real estate buying and selling journey, with a primary focus on the homebuyer and value creation for the developer, channel partner, and sales agent.”
The Blox group, now incorporating Justo, aims for a $1.5 billion/ INR 12,000 GMV run rate across mandate and retail brokerage business on a YoY basis and targets capturing approximately 10% market share of primary real estate across the top 7 real estate cities in India within the next 12-18 months.
Justo, known for linking real estate developers with homebuyers and managing the launch of over 80 projects, complements Blox’s vision perfectly. This synergy is expected to expand the Blox Group’s market reach, addressing almost 40% of India’s Primary residential TAM by value, emerging as a market leader in Maharashtra.
In addition to the consolidated mandate business of Blox and Justo, Blox.xyz is also among the largest retail, direct-to-consumer platforms in India with an estimated GTV of 3500-4000 cr per year, enabling around 400 developers to sell through the platform on a monthly basis.
Pushpamitra Das, Founder and Director of Justo, will continue to lead Justo while contributing to the whole group due to his expertise and experience in the real estate space.
Das commented, “Our collaboration with Blox is poised to set new benchmarks in the real estate services industry. With Blox, we have access to cutting-edge technology, capital, and mandates, enabling us to grow aggressively and pursue all India expansion of the mandate business over the next 12 months. Over the next 4 quarters, the mandate business will aim to do 800 transactions per month.”
The group also plans to establish a financial services company to offer digital payments, home loans, and margin funding to its wide user base bundled with homebuying.
With Blox’s proven track record in Mumbai and Thane and Justo’s stronghold in Navi Mumbai and Pune, Blox is anticipated to become India’s largest PropTech Company by revenue within 6-12 months.
Additional note: The specific deal value for the acquisition remains undisclosed, though sources familiar with the matter indicate it was made at an enterprise value of Rs 350 crore.
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By Proptechbuzz
By Ravi Kumar
