In a significant leap for the Indian proptech and real estate industry, Blox, the leading retail and mandate firm with its unique AI-powered platform Blox.xyz and CRM, along with India’s only real estate-focused deep tech AI division Bloxlabs.ai, has announced a game-changing acquisition.
Blox’s Landmark Acquisition of Justo Redefines Indian PropTech Landscape
The company has successfully acquired a controlling stake in Justo, a well-known mandate brokerage firm. This strategic move not only solidifies Blox’s position as a leading Proptech company but also boosts its consolidated mandate business Gross Transaction Value (GTV) to a whopping INR 8,000 Crore this year.
Aditya Jhaveri, the Founder and CEO of Blox, shares his excitement about this strategic move, “This acquisition is a giant stride towards revolutionizing the Indian real estate landscape with AI. Our commitment to extending our innovative reach across India and making high-end AI technology accessible to all parties involved in the real estate transaction process has never been stronger. Our primary focus remains on homebuyers and creating value for developers, channel partners, and sales agents.”
The Blox group, now inclusive of Justo, projects a run rate of $1.5 billion/ INR 12,000 GMV across mandate and retail brokerage business on a YoY basis. The group has set an ambitious goal to capture approximately 10% market share of primary real estate across India’s top 7 cities within the next 12-18 months.
Justo, known for its proficiency in connecting real estate developers with homebuyers, aligns perfectly with Blox’s vision. This union is expected to enhance the market reach of the Blox Group, now addressing almost 40% of India’s Primary residential TAM by value, positioning it as a market leader in Maharashtra.
Besides the consolidated mandate business of Blox and Justo, Blox.xyz stands as one of the largest retail, direct-to-consumer platforms in India. It boasts an estimated GTV of 3500-4000 cr per year, facilitating approximately 400 developers to sell through the platform every month.
Mr. Pushpamitra Das, the Founder and Director of Justo, will continue leading Justo while also lending his expertise to the entire group. He shares, “Our partnership with Blox is set to redefine standards in the real estate services industry. With access to advanced technology, capital, and mandates from Blox, we are primed for aggressive growth and nationwide expansion of the mandate business over the next 12 months. We aim to achieve 800 transactions per month in the mandate business over the next four quarters.”
The group is also planning to establish a financial services company to further provide services like digital payments, home loans, and margin funding to its extensive user base, bundled with home buying.
With Blox’s established presence in Mumbai and Thane and Justo’s stronghold in Navi Mumbai and Pune, Blox is on track to become India’s largest PropTech Company by revenue within the next 6-12 months. This acquisition marks a new chapter in the Indian real estate industry, promising exciting times ahead for all stakeholders.
