Proptech Firm Blox Acquires Controlling Stake in Real Estate Brokerage Firm Justo
- ByStartupStory | January 6, 2024
In a significant move within the real estate sector, Blox, an AI-enabled real estate service provider established in 2020, has acquired a controlling stake in Justo, a prominent real estate brokerage firm. While the specific deal value remains undisclosed, sources familiar with the matter have indicated that the acquisition was made at an enterprise value of Rs 350 crore.
Aditya Jhaveri, the Founder and CEO of Blox, expressed enthusiasm about the acquisition, highlighting its strategic importance. He emphasized that this move underscores Blox’s dedication to broadening its presence across India and making advanced AI technology accessible to all participants involved in the real estate buying and selling process.
Jhaveri further elaborated that the combined entity, now comprising Blox and Justo, is poised to make a significant impact on the market. The group aims to secure approximately 10% of the market share in primary real estate across the top-seven real estate cities in India within the next 12 to 18 months.
This acquisition marks a pivotal moment for Blox as it positions itself for substantial growth and influence in the Indian real estate landscape. With its advanced AI capabilities and the addition of Justo’s expertise, Blox is set to redefine the real estate industry’s dynamics, offering enhanced services and experiences to its clientele.
