In a transformative move for Indian proptech and real estate, Blox, is a leading retail and mandate firm with proprietary AI-powered platform Blox. xyz and CRM and India’s only Real estate-focused deep tech AI division Bloxlabs.ai, announces its acquisition of a controlling stake in Justo, a prominent mandate brokerage firm.
This acquisition not only reinforces Blox's position as a Proptech leader but also enhances its consolidated mandate business Gross Transaction Value (GTV) to approximately INR 8,000 Crore this year.
Aditya Jhaveri, Founder and CEO- Blox, articulates, "This strategic acquisition is a leap towards revolutionizing Indian real estate with AI. It signifies our commitment to expanding our innovative footprint across India and democratizing cutting-edge AI technology for all stakeholders in the real estate buying and selling journey, with the deepest focus on the homebuyer and value creation for the developer, channel partner and sales agent."
The Blox group, now including Justo provided guidance for a $1.5 billion/ INR 12,000 GMV run rate across mandate and retail brokerage business on a YoY basis and aims to capture approximately 10% market share of primary real estate across the top 7 real estate cities in india within the next 12-18 months.
Justo, with its expertise in linking real estate developers with homebuyers and having managed the launch of over 80 projects, perfectly complements Blox's vision. This synergy is expected to further the Blox Group's market reach, now 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 amongst the largest retail, direct to consumer platforms in India with an estimated GTV of 3500-4000 cr per year enabling between approx. 400 developers to sell through the platform on a monthly basis.
Pushpamitra Das, Founder and Director of Justo, will continue to run Justo while also contributing to the whole group owing to his expertise and experience in the real estate space.
Echoing this sentiment, 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 which will enable 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 build a financial services company to further provide services such as 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.
