Blox Expands Foothold in Indian Proptech with Justo Acquisition

Blox, the AI-powered proptech company, has announced its acquisition of a majority stake in Justo, a mandate brokerage firm, for ₹350 crore. This bold step is set to not only bolster Blox’s position as a leading proptech player but also catapult its consolidated gross merchandise value (GMV) to an impressive ₹8,000 crore.

Justo, renowned for its role in connecting real estate developers with prospective homebuyers, boasts a track record of facilitating over 80 real estate projects and closing transactions involving a staggering 4.2 million square feet. However, what makes this deal all the more exciting is the infusion of Blox’s cutting-edge artificial intelligence (AI) sales and marketing technology. This tech will empower Justo’s brokers and developer partners with advanced tools designed to streamline operations and boost sales.

Blox, a relative newcomer to the proptech scene, having been founded in 2020, has been making waves with its integrated online real estate services. The company is all about providing its customers with a seamless and hassle-free home-buying experience. It offers everything from site visits to unmatched transparency and convenience through its comprehensive platform. Each homebuyer is even assigned a dedicated relationship manager to facilitate virtual and physical visits across the city.

This isn’t Blox’s first foray into strategic acquisitions either. Last year, they scooped up Plinthstone REMA, a property sales and marketing company, for a cool $1.5 million. With the Justo acquisition, Blox further cements its presence and market position in the ever-evolving proptech sector.

The proptech sector in India, while still in its nascent stages, is showing immense potential for growth. Post-pandemic, proptech startups have witnessed a staggering 48% uptick. Yet, even with this remarkable growth, they make up just a modest 6% of the total number of recognized startups in the country. The infusion of technology into the real estate sector has been instrumental in improving transparency and granting access to data that was previously limited in the industry.

This acquisition marks an exciting chapter in the evolution of proptech in India, and Blox’s bold move is likely to set the stage for more innovation and competition in this rapidly expanding sector.