Proptech firm Blox acquires brokerage firm Justo

Blox, a retail and mandate firm known for its AI-powered platform Blox.xyz and its deeptech AI division Bloxlabs.ai, has recently announced the acquisition of a controlling stake in Justo, a mandate brokerage firm. 

The development comes more than two months after ET reported that Blox would be acquiring the controlling stake in the company.

How will it benefit Blox?

The acquisition significantly boosts Blox's Gross Transaction Value (GTV) in its consolidated mandate business, bringing it to an impressive Rs 8,000 crore this year. 

According to a PTI report, The deal, which is valued at an enterprise value of Rs 350 crore, positions Blox to capture around 10% market share of primary real estate in the top seven cities in India within the next 12-18 months.

What does the leadership say about the acquisition?

Aditya Jhaveri, Founder and CEO- Blox, articulates, “This strategic acquisition is a leap towards revolutionising Indian real estate with AI. It signifies our commitment to expanding our innovative footprint across India and democratising 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.”

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.

Das said, “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”

Diversification into financial services

In a move to further support its user base, the group plans to establish a financial services company. This new venture will offer services such as digital payments, home loans, and margin funding, all integrated with the home-buying process. 

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