Proptech Startup Blox Acquires Stake In Guardians For $12 Mn

SUMMARY

Kunal Shah-backed Blox said it plans to increase its stake in Guardians to 50% over the next three years

Guardians, founded in 2016, is a real estate consulting firm that offers a range of services like property advising, land development, marketing and residential services

Blox said that the stake acquisition will help it expand its distribution capabilities

Kunal Shah-backed proptech startup Blox has acquired a 11% stake in Mumbai-based real estate advisory Guardians for $12 Mn. The startup plans to increase its stake in Guardians to 50% over the next three years.

Blox said that the move is part of its plans to grow its gross transaction value (GTV) fivefold to $10 Bn over the next 3-5 years.

“By integrating Guardians, we’re not only enhancing the homebuying process but also establishing India’s first platform capable of supporting both D2C and broker-led B2B2C sales,” Blox CEO and founder Aditya Jhaveri said.

Founded in 2020, Blox is a proptech platform. It claims that its fully integrated online real estate service allows customers to streamline their home-buying experience. It last raised $12 Mn in its Series A funding round from Silicon Valley in 2022.

Blox claims to have raised $35 Mn in funding from investors like CRED’s Kunal Shah and Tinder cofounder Justin Mateen till date.

Meanwhile, Guardians, founded in 2016, is a real estate consulting firm that offers a range of services like property advising, land development, marketing and residential services.

In a statement, Blox said that the stake acquisition will help it expand its distribution capabilities.

Guardians claims to have sold 23,000 units till date and have an inventory of 7,000 apartments to be sold in the next 3 years. Further, it has forged relationships with 86 developers and a network of 18,168 channel partners.

Blox said that the integration of its AI-powered property recommendation with Guardians’ vast broker network will help it carve out its real estate development and management assets into a separate entity.

“By combining Guardians’ market expertise and with Blox’s technology, we’re setting a new benchmark for transparency, efficiency, and service,” Guardians’ director Jayesh Rathod said.

The development comes at a time when the competition in the proptech space is rising due to increased investor interest. In September this year, JUSTO Realfintech raised $7 Mn from Arbour Investments, while HouseEazy secured $7 Mn in its Series A funding round led by Chiratae Ventures in August.

In July, Jugyah raised $1.5 Mn in its seed funding round, co-led by White Venture Capital, QED Investors, and Godrej Properties.