Proptech Startup Blox Bags $12 Mn From CRED’s Kunal Shah, Others

SUMMARY

According to the company, the funding will help enhance its product development frameworks and streamline technologies

The fund will also be utilised to enable Blox’s market expansion and penetration

In May, Blox acquired a property sales and marketing company, Plinthstone REMA, for $1.5 Mn

Proptech startup Blox has raised $12 Mn In a Series A funding round from its existing investors from Silicon Valley and new strategic and angel investors, including CRED’s founder Kunal Shah.

The Mumbai-based startup plans to use the funds to expand its market, boost product portfolio, and build data infrastructure across customers, brokers, and developer segments, the Economic Times said in a report.

The founder and CEO of Blox, Aditya Jhaveri, said, “The investment reaffirms investors’ faith in Blox to lead India’s proptech transformation and disrupt the $100 Bn real estate market.”

According to the company, the funding will help enhance its product development frameworks and streamline technologies in its endeavour to offer a great customer experience.

Further, the fund will be utilised to enable Blox’s market expansion and penetration, which would allow the startup to service more developers.

Founded in 2020, Blox is an Indian technology-based, consumer-centric real estate buying platform. Its fully integrated online real estate service allows customers to streamline their home-buying experience. In May, Blox acquired a property sales and marketing company, Plinthstone REMA, for $1.5 Mn.

As per a report, the Indian real estate market segment is expected to reach $1 Tn in size by 2030 from $200 Bn in 2021. Besides, the sector is also expected to contribute 13% to the country’s GDP by 2025. Technology is playing a significant role in augmenting this growth.

Another report suggests that the global proptech market could grow to $86.5 Bn in 2032 from $18.2 Bn in 2022. As a result, this segment is receiving a lot of attention from investors.

In July, CRED’s Shah backed proptech startup PropReturns in a strategic investment round. He was also an investor in Landeed’s INR 19.5 Cr ($2.5 Mn) pre-seed funding round.

Two months ago, the Confederation of Real Estate Developers’ Associations of India (CREDAI) and startup incubator Venture Catalysts announced a collaboration to set up a $100 Mn proptech fund to digitise the $300 Bn Indian real estate sector.

Last month, HDFC Capital’s tech platform Housing and Affordable Real Estate and Technology committed investments in 15 proptech startups.