Digital real estate platform Blox has acquired an 11% stake in advisory firm the Guardians for $12 million or over Rs 101 crore, with plans to increase its ownership to 50% over the next three years.
This acquisition will bring together Blox and Guardians, managing annual sales of around 25,000 homes with a consolidated Gross Transaction Value (GTV) of $2 billion in the Indian primary residential market.
“By integrating Guardians, we are not only enhancing the homebuying process but also establishing India’s first platform capable of supporting both D2C and broker-led B2B2C sales. This dual-pathway model is a game-changer for India’s real estate sector, offering developers unprecedented reach and flexibility,” said Aditya Jhaveri, founder & CEO, Blox.
Founded in 2020 by Jhaveri and Shivani Karia Jhaveri, Blox is supported by $35 million in funding from investors like CRED’s founder Kunal Shah and Tinder’s co-founder Justin Mateen.
Guardians, started in 2016, has so far worked on 174 projects in Mumbai with 23,000 apartments sold, and a total sales turnover of $5.54 billion. The company is associated with 86 developers and has a network of 18,168 channel partners.
To enhance its focus on technology-driven growth, Blox is carving out its real estate development and management assets into a separate entity. With a projected operating profitability of 20-30%, Blox is also considering an initial public offering.
Blox is aiming at scaling its GTV to $10 billion over the next 3-5 years as it approaches a public listing.
The rise of proptech in India has been remarkable in recent years, driven by the country’s rapid urbanization, growing middle class, and increasing adoption of digital tools.
Proptech startups are reshaping the real estate sector by introducing innovative solutions for property management, online real estate transactions, smart buildings, and investment platforms.
These technological advancements have attracted significant investments, with venture capital firms, private equity investors, and even large real estate developers showing increasing interest in the sector.
Source: Mint