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Blox, the AI-powered proptech firm, is on the cusp of acquiring a commanding stake in Justo, a reputable mandate brokerage company deeply entrenched in Maharashtra. The impending acquisition, currently in advanced stages, is poised to materialize through a combination of cash and stock, with an enterprise value of Rs 350 crore, according to sources well-versed in the matter.
The proptech sector has substantially altered the traditional paradigms of property transactions. Both Blox and Justo presently wield impressive annual mandate businesses, each commanding a turnover of approximately Rs 3,500 crore. One insider intimated that this strategic acquisition is anticipated to reinforce Blox's position as one of India's premier proptech enterprises, boasting a consolidated gross merchandise value (GMV) reaching approximately Rs 8,000 crore across its diverse business verticals.
Under the terms of this acquisition, Blox is slated to secure a majority stake in Justo, empowering the latter's brokers and developer partners to harness Blox's cutting-edge artificial intelligence (AI) sales and marketing technology. Both companies are yet to release a public statement regarding the deal.
Justo has actively participated in over 80 real estate projects, facilitating transactions spanning more than 4.2 million square feet. Established in 2020, Blox represents a fully integrated online real estate service designed to streamline the home-buying experience for customers. It places a premium on expeditious site visits and delivers a seamless, transparent, and convenient home-buying experience.
In a significant move last year, Blox acquired Plinthstone REMA, a property sales and marketing firm, for $1.5 million, integrating it into its portfolio as "Blox Exclusive." In December, Blox secured $12 million in a Series A funding round, constituting the largest investment in India's proptech sector. This funding round garnered support from Silicon Valley investors, new strategic backers, and prominent individuals like Kunal Shah, CRED's founder.
Industry experts assert that while the proptech sector in India remains in its formative stages, it has significant potential for expansion and development. The number of proptech start-ups in the country has surged by 48% in the post-pandemic era, although they currently constitute only 6% of India's total recognized start-ups. Out of the approximately 65 unicorns that have emerged in India over the past year, only a handful pertain to the prop tech sector.
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